The US Senate has narrowly confirmed President Donald Trump’s nominee Stephen Miran to the Federal Reserve’s board of governors in a 48-47 vote, making him the first sitting White House official to join the central bank’s board since the 1930s.
Miran, chair of the Council of Economic Advisers, is set to participate in this week’s key Fed policy meeting as one of 12 voting members, where a quarter-point rate cut is expected. His fast-tracked confirmation, completed in weeks rather than months, comes amid Trump’s push to reshape the Fed and secure steep interest rate reductions.
Critics, including Democratic Senator Elizabeth Warren, warned that Miran’s appointment threatens the Fed’s independence, with fears he could serve as a “puppet” for Trump. Miran supports the president’s tariff policies, arguing they won’t fuel inflation, and backs stricter immigration rules as a means to curb housing demand and lower prices.
The confirmation battle comes as Trump escalates pressure on Fed Chair Jerome Powell, whom he has derided as “too late” on rate cuts, and seeks to oust Fed Governor Lisa Cook, the first Black woman to serve on the board. Cook has denied allegations of mortgage fraud and filed a lawsuit to block her removal, with a US appeals court on Monday upholding a temporary order preventing Trump from firing her.
