US Senate confirms Stephen Miran as Fed governor

WASHINGTON

The US Senate on Monday confirmed Stephen Miran to serve on the Federal Reserve’s Board of Governors, right before the central bank's monetary policy meeting that will determine whether to cut the interest rates.

Senators voted 48-47 for Miran, one of President Donald Trump’s top economic advisers.

Miran, a Harvard-trained economist, chairs the White House Council of Economic Advisers and previously served at the Treasury Department during Trump’s first term.

He has been a vocal defender of the administration’s trade and tax policies.

Miran will be among the 12 officials who vote on interest rate decisions as soon as he takes office as Fed governor.

Former Fed Governor Adriana Kugler's term expires in January 2026, and Miran has been nominated to fill the void. While on the Fed's board, Miran has stated that he will take unpaid leave rather than resign from his position at the White House.

The decision came right before the Fed's policy meeting that will determine whether to cut the policy rate. The federal funds rate currently stands in the range of 4.25% to 4.5%.

The central bank is widely expected to cut the rate, as the job market showed signs of weakness in the past few months and the inflation did not exceed the market estimates.

It also came on the same day that a US appeals court ruled that President Donald Trump cannot fire Fed Governor Lisa Cook.

Trump announced on Aug. 25 that he fired Cook on allegations of mortgage fraud. She was the first Black woman to serve as a governor on the Federal Reserve Board. Cook immediately filed a lawsuit contesting the dismissal.