Summary
Stephen Miran, selected by President Donald Trump, has been approved by the U.S. Senate to join the Federal Reserve's board. This move has sparked concerns about the independence of the Fed, as Miran will participate in an important vote on interest rates. The Senate confirmed him narrowly, and Trump is also trying to remove Lisa Cook, another Fed governor, amid separate controversies.
Key Facts
- Stephen Miran has been confirmed by the Senate to the Federal Reserve's board.
- Miran is the chair of the Council of Economic Advisers and will be the first sitting White House official on the Fed's board since the 1930s.
- The Senate vote was very close at 48-47 in favor of Miran.
- There are concerns about the Fed's independence with Miran's appointment.
- Miran will participate in an important Fed policy meeting about interest rates.
- Trump is attempting to remove Fed Governor Lisa Cook, who is contesting this action.
- Lisa Cook is the first Black woman to serve as a Fed governor.
- A U.S. appeals court recently denied a request to allow Trump's removal of Cook, keeping her in place for now.
