Miran Clears Key Senate Hurdle In Push For Fed Seat

The Senate Banking Committee voted 13-11 along party lines Wednesday to advance President Donald Trump’s pick of Stephen Miran, chair of the White House Council of Economic Advisers, to a short-term position as a Federal Reserve governor - setting up a likely floor vote in the coming days and deepening a political fight over the Fed’s independence.

If confirmed, Miran would join the Federal Open Market Committee just days before its Sept. 16–17 meeting, where policymakers are widely expected to cut interest rates for the first time since December amid signs of slowing job growth.

A Strategic Appointment Before the Fed Vote

According to Bloomberg, citing a person familiar with Senate planning, a full confirmation vote is tentatively set for Monday, Sept. 15. Miran’s temporary term would expire early next year, but the White House has not clarified whether Trump plans to nominate him for a full 14-year term or return him to his post leading the Council of Economic Advisers.

Miran told senators during his testimony that he would take an unpaid leave of absence from his White House role to serve at the Fed, emphasizing his commitment to act independently.

“I want to assure this committee and the American people that my decisions will be guided by data, not politics,” Miran said, reiterating that his advisory work at the White House would be paused.

Democrats Question Independence, Cite “Servitude”

Democrats blasted the nomination, arguing that Miran’s dual roles would undermine the Fed’s independence. They said the arrangement effectively ties his decision-making at the central bank to Trump’s influence, given the president’s power to decide Miran’s future.

“He knows that every vote he takes will determine whether he gets to go back to his White House job,” said Sen. Elizabeth Warren (D-MA), calling the situation “servitude.”

Other Democrats warned that placing a senior Trump economic adviser at the Fed – even temporarily – risks politicizing the central bank at a critical moment as it weighs a policy pivot toward lower rates.

The nomination comes amid heightened tensions between the White House and the central bank. Trump has moved aggressively to reshape the Fed’s leadership, including firing Fed Governor Lisa Cook.

Cook challenged her dismissal in court, arguing that the president lacks authority to oust sitting governors. On Tuesday night, a federal judge temporarily blocked Trump from removing her while the case proceeds.

The legal battle underscores growing uncertainty about the Fed’s autonomy as Trump pushes for policies designed to stimulate growth ahead of next year’s election season.

What Comes Next

• Sept. 15 – Senate expected to vote on Miran’s confirmation

• Sept. 16–17 – FOMC meeting, where markets expect a rate cut

• Early 2026 – Miran’s short-term appointment set to expire unless re-nominated