The Senate Banking Committee voted along party lines on Wednesday to advance President Donald Trump’s nominee, Stephen Miran, to fill a Federal Reserve board vacancy, sending the nomination to the full Senate.
The committee approved Miran, currently chair of Trump’s Council of Economic Advisers, by a 13-11 vote. He is nominated to fill a short-term Fed board seat that expires at the end of January.
Republican senators are pushing to confirm Miran ahead of the Federal Reserve’s rate-setting meeting scheduled for September 16. However, the timing of the full Senate vote remains uncertain.
During his confirmation hearing last week, Miran surprised GOP senators by stating he would not resign from his White House position but instead take an unpaid leave of absence to serve on the Fed.
Despite this, Republicans on the committee supported the arrangement, noting the brief length of his Fed term.
Senator Thom Tillis (R-N.C.), a key swing vote on the committee, expressed reservations about Miran returning to the White House after his Fed term. Tillis stated earlier this week that he would not back Miran for a longer-term Fed appointment if he resumes his White House role.
“When he goes back, he needs to stay there,” Tillis said Monday. “I wouldn’t support him for a longer term.”
Who is Stephen Miran?
Stephen Miran is an American economist and policy advisor currently serving as Chair of the Council of Economic Advisers in the Trump administration and recently nominated to the Federal Reserve Board.
He graduated summa cum laude from Boston University with degrees in economics, philosophy, and math, and earned his PhD in economics from Harvard University in 2010, studying under Martin Feldstein.
Miran’s career includes roles in the private sector as an analyst at Lily Pond Capital, portfolio manager at Sovarnum Capital, senior strategist at Hudson Bay Capital Management, and co-founder of Amberwave Partners. In public service, he served as a senior advisor for economic policy at the US Treasury during the COVID-19 pandemic.
President Trump temporarily blocked from firing Fed governor
A federal judge has temporarily barred President Donald Trump from removing Federal Reserve Governor Lisa Cook, handing a significant victory to the central bank in a historic legal clash over its independence.
The White House claimed last month that Trump had dismissed Cook, but the Fed maintained she still holds her position on the board that sets U.S. interest rates.
In her ruling, Judge Jia Cobb stated that the president had not provided any evidence that Cook’s conduct or performance warranted her removal. “President Trump has not identified anything related to Cook’s conduct or job performance… that would indicate she is harming the board or the public interest by executing her duties unfaithfully or ineffectively,” Cobb wrote.