Trump-Backed Fed Governor Stephen Miran Casts Sole Dissenting Vote On Federal Rate Cut

Last Updated:September 18, 2025, 07:10 IST

In contrast to his colleagues, Miran supports a more aggressive easing of monetary policy.

Miran’s term will run through January 31, 2026 (Reuters)

Stephen Miran, newly appointed to the Federal Reserve Board, emerged as the lone dissenter in the central bank’s latest decision on interest rates. In a vote held by the Federal Open Market Committee (FOMC) on Wednesday, Miran opposed the majority’s decision to reduce the federal funds rate by a quarter point, instead advocating for a more aggressive half-point cut, according to NBC News.

Miran’s dissent set him apart from the rest of the Fed’s board, marking his first major move since being confirmed by the Senate earlier this week. On Monday, the Senate narrowly approved his nomination in a 48-47 vote. His appointment filled the vacancy left by former Governor Adriana Kugler, who unexpectedly resigned without explanation.

Notably, Miran, who serves as the Chair of the White House Council of Economic Advisers, is the first sitting official from the executive branch to join the Federal Reserve Board in its modern form since the 1930s. Rather than resign from his White House post, Miran has opted to take an unpaid leave of absence while serving at the Fed.

In contrast to his colleagues, Miran supports a more aggressive easing of monetary policy, suggesting that the Fed should implement deeper cuts this year. Most other board members, including Chair Jerome Powell, foresee no more than two additional cuts in 2025. Interestingly, Fed Governors Michelle Bowman and Christopher Waller, who previously dissented in favour of a quarter-point cut at the last meeting, aligned with Powell in the latest vote, leaving Miran isolated in his stance.

Critics view Miran’s appointment as part of a broader attempt by Trump to exert influence over the central bank. With Miran now on the board, Trump appointees make up three of the Fed’s seven members, raising concerns about the Fed’s institutional independence.

Adding to the tension, Trump claimed in August that he had dismissed Governor Lisa Cook from the Federal Reserve Board. However, a federal appeals court ruled earlier this week that he lacks the authority to do so. The White House, standing by Trump’s action, announced its intention to appeal the ruling to the Supreme Court.

Meanwhile, Miran’s term will run through January 31, 2026, coinciding with the end of Kugler’s original term.

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