Summary
The U.S. Senate has confirmed Stephen Miran as a Federal Reserve governor shortly before a key meeting on interest rates. Miran, a nominee of former President Trump, remains in his White House role while taking an unpaid leave to serve at the Fed.
Key Facts
- Stephen Miran was confirmed as a Federal Reserve governor by a Senate vote of 48-47.
- The confirmation happened just before a Federal Reserve meeting on interest rates.
- Miran was nominated by former President Trump after Adriana Kugler resigned unexpectedly.
- His term is set to end in January but may be extended if no successor is appointed.
- Miran will take an unpaid leave from his role as chair of the Council of Economic Advisers.
- This decision to remain connected to the White House is unusual and has been criticized by Democrats.
- Miran has publicly criticized the Federal Reserve for what he calls groupthink.
- The Federal Open Market Committee is expected to lower interest rates, but not as much as Trump has asked for.
