WASHINGTON—The Senate Banking Committee is set to vote today on Stephen Miran’s nomination to the Federal Reserve’s Board of Governors.
If approved, the full Senate would consider the nomination. To block him, at least four Republican senators would need to break ranks.
Miran’s term would be short if confirmed. His nomination follows the surprise resignation of Fed Governor Adriana Kugler in August, and he would only serve until Jan. 31, 2026, finishing the remainder of Kugler’s term.
Miran, who is currently chair of the Council of Economic Advisers and a veteran of both Trump administrations, was nominated Aug. 7. He testified before the Senate Banking Committee, where Democrats pressed him on how he could be “independent” from the administration since he plans to remain CEA chair and take an unpaid leave rather than resign from the post.
Moving Quickly
Republicans are moving quickly to get Miran confirmed and in place before the Federal Reserve meets later this month to vote on rates. President Trump has been pushing hard for the Fed to lower rates.
The Fed’s key borrowing rate is currently within a range of 4.25% to 4.5%.
