Stephen Miran confirmed as Fed governor ahead of FOMC meeting

In a narrow 48-47 vote, the U.S. Senate confirmed economist Stephen Miran to the Federal Reserve Board of Governors on Monday evening ahead of a highly anticipated FOMC meeting.

Miran, chairman of the White House Council of Economic Advisers, was approved by the Senate Banking Committee last week with all Republicans voting in favor and all Democrats opposed. Sen. Lisa Murkowski of Alaska was the only Republican to vote against Miran’s confirmation on Monday.

Miran, who is stepping in to complete Adriana Kugler’s term through January 2026 after she resigned from the board on Aug. 1, joins the Fed’s 12-member rate-setting board. It is not clear whether Miran will be nominated to stay on past Kugler’s term.

The two-day FOMC meeting will feature a vote on cutting the Federal funds rate. The Trump administration has pressured Fed Chair Jerome Powell to lower rates or resign, and is now applying pressure to Fed Governors, including an effort to fire Fed Governor Lisa Cook for cause. An appeals court on Monday night blocked Trump’s attempt to remove Cook while the case moves through the courts.

Miran’s confirmation hearings were fast-tracked to make sure he can participate in the meeting.

Miran will not step down from his White House post, rather he will take unpaid leave, which makes Miran the first sitting presidential staffer to serve on the Fed’s board in its 111-year history.

Democrats such as Sens. Elizabeth Warren (Mass.) and Jack Reed (R.I.) have questioned Miran’s independence.

Miran said during his Sept. 4 hearing that, if confirmed, “I will act independently, as the Federal Reserve always does, based on my own personal analysis of economic data.”