WASHINGTON — A Senate committee on Wednesday approved the nomination of White House economic adviser Stephen Miran to the Federal Reserve’s board of governors, clearing the way for a likely confirmation vote by the full Senate that would make him the third Trump appointee on the seven-member board.
The Senate Banking Committee voted 13-11 along party lines to advance Miran’s nomination to fill the remainder of former Governor Adriana Kugler’s term, which expires in January. The White House has urged expedited consideration so Miran could potentially be seated in time for the Fed’s upcoming policy meeting, where the central bank is widely expected to lower its key short-term interest rate.
Democrats on the committee opposed the nomination, citing concerns that Miran’s dual role as a White House economic adviser and a Fed governor would erode the central bank’s independence. During a confirmation hearing last week, Miran said he planned to keep his White House job while serving on the Fed board if he were appointed only to finish Kugler’s term. That arrangement would be historically unusual. Previous nominees who were White House staff members have given up their administration posts before serving on the Fed.
Sen. Mark Warner, D-Va., said in a statement before the vote that the Federal Reserve was designed to make decisions free from political interference and criticized the White House for seeking to reduce that independence. The committee’s vote came a day after a federal court blocked President Trump’s effort to remove Fed Governor Lisa Cook, who the president had accused of mortgage fraud.
Miran has said he would resign from the White House if he were chosen to serve a full 14-year term on the Fed board. Kugler resigned effective Aug. 1, and Miran’s confirmation would allow him to serve only through the remainder of that short term unless the Senate later confirms him to a full term. If no successor is named after the term expires in January, he could remain on the board until a replacement is confirmed.
Supporters of the nomination argued that Miran’s experience in government and economic policymaking would be an asset. Opponents warned that simultaneous service in the White House and at the Fed could create conflicts between short-term political priorities and the Fed’s long-term mandate to promote maximum employment and stable prices.
The nomination now moves to the full Senate, where Republicans have a narrow majority. A confirmation vote could come in the coming days, allowing Miran to be sworn in before the Federal Open Market Committee meets, depending on Senate scheduling and any potential objections on the floor.