U.S. Senate confirms Stephen Miran for Federal Reserve’s Board of Directors
WASHINGTON (CBS, KYMA) - The U.S. Senate confirmed economist and Trump adviser Stephen Miran to the Federal Reserve's Board of Governors Monday, giving President Donald Trump more influence over the Fed just one day before central bank officials will meet to decide whether to cut interest rates.
Miran was confirmed 48-47 for a term that runs until January, filling a vacancy created last month when Biden appointee Adriana Kugler stepped down before the end of her term.
Miran currently chairs the White House's Council of Economic Advisers. In an unusual move, he's said he will take an unpaid leave of absence from that job while serving on the Fed board instead of resigning altogether, citing "the short duration of the appointment."
Miran is arriving at the central bank in time for a crucial Federal Open Market Committee meeting on Tuesday and Wednesday, during which 12 top Fed officials, including Miran, will discuss monetary policy and decide whether to change the Fed's target interest rate.
The committee is widely expected to vote for a rate cut, after leaving rates stable so far this year.
President Trump has criticized Fed officials for not cutting interest rates sooner, nicknaming Fed Chair Jerome Powell "Mr. Too Late," pressuring a central bank that typically operates independently.
The president favors a rate cut because it could boost economic growth and slash borrowing costs for American consumers, but the move could risk causing inflation to heat up.
The Senate Banking Committee advanced Miran's nomination in a party-line vote last week, after lawmakers grilled him on whether he would preserve the Fed's independence.
