Trump advisor Stephen Miran was confirmed to the Federal Reserve Board ahead of Tuesday’s high-stakes interest rate meeting at the Fed.
Miran was confirmed in the Senate in 48-47 vote.
The Federal Open Market Committee (FOMC) will meet on Tuesday to set interest rates.
Shortly before Miran was confirmed, a federal appeals court rejected Trump’s bid to fire embattled Federal Reserve Governor Lisa Cook, allowing her to participate in tomorrow’s FOMC meeting.
Fox News reported:
The Senate confirmed Stephen Miran, one of the White House’s top economic advisors, on Monday to the Federal Reserve Board of Governors, the body that steers the U.S. economy.
Senators voted 48-47, largely party-line vote in the Republican-controlled Senate.
Miran is set to report to the Fed’s Washington, D.C., headquarters on Tuesday, as officials open a two-day meeting that will help decide the direction of the economy.
The Federal Open Market Committee will meet on Sept. 16 to set U.S. interest rates and broader monetary policy. Those decisions ripple through to borrowing costs on everything from mortgages to credit cards.
President Trump last month announced Dr. Stephen Miran will fill the vacancy on the Federal Reserve Board until January 31, 2026.
Last month Biden-appointed Federal Reserve Governor Adriana Kugler announced she will be resigning from her post Friday, August 8.
Adriana Kugler’s resignation left President Trump a vacancy to fill.
“Dr. Kugler, who has served as a governor since September 13, 2023, submitted her letter of resignation to President Trump and will return to Georgetown University as a professor this fall,” the announcement said.
President Trump announced Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, will fill the vacancy.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!” President Trump said on Truth Social.