Senate's banking panel to vote on Miran Fed nomination on Wednesday

(Bloomberg) – White House economic adviser Stephen Miran’s nomination as a Governor of the Federal Reserve is scheduled for a Senate Committee on Wednesday, a step that would enable him to be confirmed by the full senate before an important vote on reduction of interest rates. The Federal Open Market Committee meets on September 16 and 17 and is expected to lower interest rates for the first time since December with the weakening of work growth. The Senate’s banking committee announced the timing of its vote on Miran’s nomination on its website. Miran won the Republicans last week with a series of private and public assurance that he would support the independence of the central bank on monetary policy, rather than performing his current and potentially future boss, President Donald Trump. Trump’s movement around Governor Lisa Cook and his broader pursuit to swing the Fed expressed concern about the continued independence of the central bank. Cook challenged her removal from the board in the courts. Miran raised the brackets of Democrats when he told the committee that he intended to take a temporary leave of his current Trump administration role as chair of the White House Council for Economic Advisors, pending a decision by Trump over the nominee of him to a long-term position at the central bank. Miran was nominated for a vacant seat on the Fed with a term ending early next year. Democrats call the arrangement ridiculous. They said it did not have a credibility that he would be independent of Trump, as the president would control whether he would stay on the Fed board or stay on the White House pay statement. If we assume that no unexpected hiccups, the committee will send Miran to the floor. After that, it would take a few days for the Senate Republican leaders to force the votes to clean up procedural barriers and confirm him. On the floor, four Republican defenders would be needed to sink its nomination. Each Republican Senator voted six months ago to confirm Miran for his current position. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP