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Senate Panel Backs Miran Fed Nomination
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September 10, 2025
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September 10, 2025
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5:05Now PlayingThe Senate Banking Committee voted along party lines to advance Trump's pick to fill a temporary seat on the Federal Reserve Board of Governors. Stephen Miran, who is serving on the president's council of economic advisors, will face a full senate vote. Bloomberg's Stuart Paul reports.
The Senate Banking Committee voted along party lines to back the nomination of Donald Trump adviser Stephen Miran to a short-term post as a Federal Reserve governor, as Republicans moves swiftly to seat him before next week’s rate-setting meeting.
The 13-11 vote on Wednesday puts Miran on track for a likely confirmation vote in the full Senate Monday, according to a person familiar with the planning.
The Federal Open Market Committee meets later that week, on Sept. 16 and 17, and is already expected to cut interest rates for the first time since December on weakening job growth.
Miran, who chairs the White House Council of Economic Advisers, told senators he would take an unpaid leave of absence to join the Fed, with no clarity yet on whether Trump would nominate him for a full 14-year Fed term once the temporary post ends or ask him to return to his White House role.
Democrats called the arrangement ridiculous. They said it wasn’t credible that he would be independent from Trump, given that the president would control whether he remained on the Fed board or stayed on the White House payroll.
“He knows that every vote he takes” will determine whether he gets to go back to his White House job, Democrat Elizabeth Warren said. She called that “servitude.”
Trump’s move to fire Fed Governor Lisa Cook and his broader campaign to sway the Fed has generated concern about the central bank’s continued independence. Cook has challenged her removal from the board in the courts and a judge Tuesday night temporarily blocked Trump from ousting her.
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