Senate Narrowly Confirms Stephen Miran to Federal Reserve Board

WASHINGTON, Sept. 15 (Reuters) - The U.S. Senate voted 48-47 on Monday to confirm White House economic adviser Stephen Miran to the Federal Reserve’s Board of Governors, just hours before the central bank’s pivotal policy meeting.

The confirmation crowns President Donald Trump’s rapid effort to reshape the Fed and inject a loyal voice ahead of anticipated interest-rate discussions. Critics warn that Miran’s dual role and unpaid leave arrangement could compromise the Fed’s long-cherished independence.

Miran’s Appointment and Background

Vote outcome: 48-47 along party lines, with Senator Lisa Murkowski the lone Republican dissenter.
Term length: Completes the term of former Governor Adriana Kugler, expiring January 31, 2026.
White House role: Takes unpaid leave as chair of the Council of Economic Advisers, maintaining ties to the administration.

Fed Meeting Stakes

Policy meeting: Commences Tuesday, with markets pricing in a quarter-point rate reduction.
Miran’s Influence: Analysts expect him to press for deeper cuts, aligning with Trump’s calls for lower borrowing costs.
Independence concerns: Democrats label the arrangement a “conflict of interest,” warning that a sitting White House official on the Fed board could politicize monetary policy.

Reactions and Implications

Democratic objections: Senator Elizabeth Warren criticized the expedited process and flagged risks to Fed autonomy.
Administration stance: White House asserts Miran will adhere to Fed ethics rules and not advise on White House policy during his leave.
Future outlook: Miran’s presence may embolden rate-cut advocates but could intensify tensions between the Fed and the White House.