The U.S. Senate on Monday narrowly confirmed Stephen Miran, one of President Donald Trump’s top economic advisers, to the Federal Reserve Board of Governors. His confirmation, by a 48-47 vote, came just hours before the central bank began its two-day monetary policy meeting. Sen. Lisa Murkowski of Alaska was the only Republican to oppose the nomination.
Miran will fill the unexpired term of former Fed Governor Adriana Kugler, which ends in January 2026. Once sworn in, he will immediately join 11 other officials in making critical decisions on interest rates. However, Miran has drawn scrutiny for his decision to remain formally tied to the White House as chair of the Council of Economic Advisers, though he will take unpaid leave while serving on the Fed board.
His unusual dual role has sparked debate because the Federal Reserve, by tradition and law, is designed to operate independently of partisan influence. For the first time in the Fed’s 111-year history, one of its governors will technically still be an employee of the sitting president. During his Senate confirmation hearing, Miran insisted he would act independently, citing legal advice that his arrangement does not violate federal law.
The confirmation comes at a sensitive moment for the central bank. The U.S. economy is under strain as Trump’s tariff policies raise consumer prices, while a cooling labor market threatens job growth. These developments complicate the Fed’s dual mandate of maintaining stable prices and maximizing employment. At the same time, the Trump administration has mounted an aggressive campaign to pressure the Fed into cutting interest rates, including personal attacks on Chair Jerome Powell and a failed attempt to fire Governor Lisa Cook — a first in U.S. history.
Democrats strongly opposed Miran’s appointment, questioning whether he could separate himself from Trump’s political agenda. They pointed to a paper he co-authored at the Manhattan Institute last year that criticized the revolving door between the White House and the central bank. In response, Miran argued his proposals were aimed at reform, not personal advancement, and reiterated his commitment to maintaining the Fed’s independence.
“I’m very independently minded, as shown by my willingness to stray from consensus and have out-of-consensus views,” Miran told lawmakers. “I believe I will continue to be as independent in my thinking process, if confirmed.”
Supporters of Miran emphasize his economic expertise and argue that his presence will provide valuable insight at a time of heightened uncertainty. But critics warn that his close ties to Trump could further erode confidence in the Fed’s impartiality, especially given the president’s unprecedented efforts to influence the central bank’s policy direction.
Miran’s confirmation marks a significant victory for Trump, who has repeatedly sought to reshape the Federal Reserve into a body more aligned with his administration’s economic policies. For observers, the development highlights the mounting tension between the Fed’s mandate for independence and the political pressure it faces from the White House.
