The U.S. Senate Banking Committee has advanced the nomination of Stephen Miran as Federal Reserve Governor, to serve a vacated term for the next several months, by a vote of 13-11.
Nominated by President Trump after Adriana Kugler’s resignation from the Federal Reserve’s Board of Governors in early August, if confirmed, Miran will serve out Kugler’s term, which expires January 31, 2026.
Miran currently serves as Chair of the Council of Economic Advisers, an agency within the Executive Office of the President established by Congress in the 1946 Employment Act, charged with offering the President objective economic advice on the formulation of both domestic and international economic policy. According to CNN, Miran is credited with development of which became President Trump’s tariff policy, and has been a firm supporter of Trump’s economic agenda.
“In my view, the most important job of the central bank is to prevent depressions and hyperinflations,” said Miran during his testimony before the Senate Banking Committee. “Independence of monetary policy is a critical element for its success. Given the central bank’s outsized role in the economy, it’s no surprise that outsiders have opined on its decisions for decades. However, if confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress. My opinions and decisions will be based on my analysis of the macroeconomy and what’s best for its long-term stewardship. The Federal Open Market Committee (FOMC) is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability.”
Miran’s post would bring another voice in support of the Federal Reserve Board lowering interest rates. In late July, the FOMC decided, for its fifth consecutive meeting, to hold the federal funds rate steady at 4.25%-4.50%. However, dissenting votes came from Christopher J. Waller and Michelle Bowman, both members of the Board of Governors of the Federal Reserve System, and both of whom have publicly called for a rate reduction.
The FOMC meets next week (September 16-September 17) to determine the state of the nation’s economy. The FOMC is the monetary policy-making body of the Federal Reserve that sets the target for the federal funds rate to influence the U.S. economy, with the goals of achieving maximum employment and price stability.
And despite President Trump’s pressure on Federal Reserve Chair Jerome Powell to lower rates, he does not have direct control over the Federal Reserve’s policy decisions, but does have influence. The President has the power to nominate and appoint members of the Federal Reserve Board of Governors, including the Chair, which can influence the overall direction of the Fed, and can also voice their opinions about monetary policy. The President selects one member of the Board of Governors to serve as Chair of the Board, who also serves as the FOMC Chair.
A week out from the FOMC meeting, President Trump took to social media to criticize the Federal Reserve Chairman: “Just out: No Inflation!!! ‘Too Late’ must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT.”
Miran’s nomination heads next to the full Senate for a vote.
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