Stephen Miran, President Donald Trump‘s pick for Federal Reserve governor, is likely to pass the Senate Banking Committee on Wednesday. This brings him closer to joining the central bank, even though there are worries about the Fed’s independence. The committee has 13 Republicans and 11 Democrats, and the Republicans are expected to approve the nomination despite all Democrats opposing it.
Miran, currently chair of Trump’s Council of Economic Advisors, would fill the seat vacated by Governor and serve through Jan. 31, Reuters reported.
Trump Intensifies Fed Control Efforts
The nomination represents Trump’s latest attempt to reshape monetary policy after firing Governor Lisa Cook in August over alleged mortgage fraud, which Cook denies. A federal judge temporarily blocked Cook’s removal on Tuesday, ruling the action likely violated constitutional protections.
Treasury Secretary Scott Bessent escalated criticism of the Fed on Friday, calling for sweeping reforms and accusing the central bank of driving inflation and inequality. Trump has floated four potential replacements for Fed Chair Jerome Powell when his term expires in May 2026.
Miran would become the third Trump-appointed governor to disagree with the Fed’s recent decision, as he supports cutting interest rates while most members chose to keep them steady at 4.25% to 4.50%.
Miran Defends Independence Amid Democratic Skepticism
During Thursday’s contentious hearing, Miran faced Democratic challenges over his ability to make rate decisions independent of presidential pressure. “I’m always happy to hear views from every source possible,” Miran told senators, denying he would be “Donald Trump’s puppet.”
Sen. Elizabeth Warren (D-Mass.) argued Miran’s appointment would “take an axe” to central bank independence, while GOP megadonor Ken Griffin warned Trump’s Fed intervention constitutes a “risky game” that could undermine economic credibility.
Timing Critical for September Fed Meeting
The timing of the Senate's confirmation is still unclear ahead of the Fed's policy meeting scheduled for September 16-17. According to a Republican aide who spoke to Reuters, the soonest the confirmation could happen is Monday, which leaves very little time to complete the swearing-in process before the rate decision.
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