Stephen Miran, President Trump’s nominee to a short-term seat on the Board of Governors of the Federal Reserve, won the approval of the Senate Banking Committee Thursday.
The committee voted 13-11 along party lines to advance Miran’s nomination to the full Senate, where it is expected to come up for a vote on Monday.
That would put Miran in place to vote at the Federal Open Market Committee meeting on September 16 and 17. The FOMC is widely expected to announce an interest rate cut at the conclusion of that meeting.
Miran would fill the seat left open when Andrea Kugler unexpectedly announced she would resign prior to the end of her term in January. If confirmed, Miran would fill out the remainder of her term, making this a short-term appointment.
President Trump could nominate Miran to fill the subsequent 14-year term but he would need to be confirmed again by the Senate. Alternatively, Trump could appoint someone else to the seat, perhaps someone he expects to elevate to the chairmanship of the Fed later this year when Jerome Powell’s tenure expires. Miran would be able to hold the post until a new nominee is confirmed.
Miran currently chairs the White House Council of Economic Advisers. He told senators at his confirmation hearing that he would take an unpaid leave of absence from that position while working at the Fed. Democrats attacked this arrangement, claiming it would compromise the independence of the Fed. Many Fed officials take similar leave of absence from private sector jobs while serving on the Fed but those have mostly been academic positions rather than roles in the White House.
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