Following the resignation of Fed Governor Adriana Kugler in August, Trump nominated Miran to replace her temporarily until January 2026.
Stephen Miran, chair of the White House Council of Economic Advisers, will join the Federal Reserve Board of Governors.
Senators voted 48—47 on Sept. 15 to confirm Miran’s nomination.
The vote could give Miran an immediate say in Fed policy decision-making when the central bank meets this week.
Democratic lawmakers argue that Miran will serve as President Donald Trump’s proxy, blurring the line between the executive branch and Fed independence.
Following the resignation of Fed Governor Adriana Kugler in August, Trump quickly nominated Miran to replace her temporarily until January 2026.
Once his four-month term expires, the president will either renominate Miran or find a substitute.
Federal Reserve independence has been the central theme throughout his confirmation process.
Last week, during a procedural Senate Banking Committee vote, Sen. Elizabeth Warren (D-Mass.) stated that the top White House economic adviser “spectacularly failed every independence that we could think of.”
“This nomination sets up an obvious Trump loyalty test for Dr. Miran,” Warren said. “He notes that every vote he takes determines whether he can go back to his White House job.
“That is not independence, that is servitude. He will have zero credibility with markets, zero credibility with businesses, and zero credibility with the public.”
At Miran’s Sept. 4 confirmation hearing, Sen. John Kennedy (R-La.) urged him to remain an independent voice at the Fed.
“There’s nothing wrong with politicians in Washington offering their opinions,” Kennedy said. “You can’t stop them. But we need a monetary plan that was put together by something other than vodka and darts, and that’s what we have the Federal Reserve for.”
Miran, a former senior strategist at Hudson Bay Capital Management, said that he would continue to support central bank independence and make decisions based on the economic data.
“Independence of monetary policy is a critical element for its success,” he told lawmakers in his opening remarks.
Critics, meanwhile, have noted that Miran has not resigned from the White House. He told committee members that he will take an unpaid leave of absence from the administration.
In a co-authored letter, Sen. Jack Reed (D-R.I.) noted that Miran acknowledged obtaining written legal verification that he can hold a dual position—one at the Fed and another on the Council of Economic Advisers—but lawmakers did not receive this document.
“We requested in writing that legal opinion, and he’s refused to give it to us. So, we are still completely uncertain about his legal status and his independence,” Reed said.
Trump and senior administration officials, including Miran, have urged the U.S. central bank to lower interest rates.
Fed Chair Jerome Powell “must cut interest rates, now, and bigger than he had in mind,” Trump wrote in capital letters in a Sept. 15 Truth Social post. “Housing will soar!”
While Miran will likely support easing monetary policy, the Federal Reserve was already expected to follow through on rate cuts amid a slowing national labor market.
By Andrew Moran
