‘Trump’s mouthpiece at the Fed’: White House adviser Miran gets Senate nod for US central bank job

In a move seen as part of US President Donald Trump’s effort to assert greater control over the Federal Reserve, the Senate has narrowly confirmed Stephen Miran, one of Trump’s top economic advisers, to the central bank’s governing board.

The 48-47 vote, held mostly along party lines, gives the White House added sway just days before the Fed is expected to cut interest rates.

Concerns over appointment?

Miran, who was approved by the Senate Banking Committee last week with only Republican support, has faced criticism over his ties to the administration.

At his confirmation hearing, he said he would remain chair of Trump’s Council of Economic Advisers but take unpaid leave.

Democrats argued that such an arrangement undermines the Fed’s independence.

Senate Democratic Leader Chuck Schumer warned that Miran “has no independence” and would be “nothing more than Donald Trump’s mouthpiece at the Fed.” The only Republican to oppose his nomination was Alaska Senator Lisa Murkowski.

Filling an unexpired term

Miran will complete a term ending in January after Adriana Kugler’s resignation in August. He has said he would leave his White House role if nominated for a longer term.

While previous presidents, including George W Bush, appointed advisers to the Fed, nominees such as Ben Bernanke left their administration posts before joining the board.

Miran on independence

At his Sept. 4 hearing, Miran pledged, “I will act independently, as the Federal Reserve always does, based on my own personal analysis of economic data.”

Ironically, in a 2023 paper co-written for the conservative Manhattan Institute, Miran himself criticized the “revolving door” between the White House and the Fed.

Legal battle over Lisa Cook

Miran’s confirmation comes as Trump faces setbacks in his attempt to remove Fed governor Lisa Cook, appointed by Joe Biden to a term running until 2038. A federal judge blocked her removal, and an appeals court upheld that ruling on Monday.

Fed under pressure

The Fed board plays a critical role in setting interest rates and overseeing the financial system. Its decisions come at a turbulent time: inflation remains above the 2 per cent target, though not as high as some feared after Trump’s sweeping tariffs.

At the same time, hiring has slowed and unemployment ticked up to 4.3 per cent, fueling debate on whether the Fed should cut rates to boost growth.