The US Senate has voted to confirm Stephen Miran, one of President Trump’s top economic advisers, to serve as a new governor at the Federal Reserve. This move opens the door for him to join the Fed and potentially cast a vote on interest rates during this week’s meeting. Miran previously served in various roles under Trump, including chair of the White House Council of Economic Advisers, where he helped advance the president’s agenda.
Miran’s appointment has raised concerns about potential conflicts of interest due to his planned leave of absence from his advisory post and ability to return to the White House after serving at the Fed. Critics argue that this could compromise his independence as a policymaker and expose the central bank to political interference.
Miran emphasized his commitment to independence during his confirmation hearing, promising to make decisions based on his analysis of the economy. However, some Republicans have expressed concerns about his ties to the White House and potential conflicts of interest.
The Fed’s decision-making process is crucial in setting interest rates, which could impact borrowing costs. Miran’s vote will likely be closely watched as policymakers prepare to lower interest rates after an extended pause.
This move strengthens President Trump’s control over the central bank, following his efforts to remake the roster and pressure Fed members into lowering borrowing costs. As a result, some experts worry about the potential for political interference in the Fed’s decision-making process.
Source: https://www.nytimes.com/2025/09/15/business/stephen-miran-confirmed-fed.html