Senate Confirms Stephen Miran to Fed Board Amid Trump's Influence

Senate Confirms Stephen Miran to Fed Board Amid Controversy The Senate voted Monday to confirm Stephen Miran to the Federal Reserve Board, filling a months-long vacancy on the seven-member body that sets the nation's monetary policy. The confirmation comes as President Trump continues to exert pressure on the Fed to lower interest rates. Miran, who has been chair of the White House Council of Economic Advisers since March, will join the Fed at a time when the central bank is under intense scrutiny from the administration. Trump has long criticized the Fed's independence and has publicly attacked Federal Reserve Chairman Jerome Powell, calling him a "knucklehead" and "numbskull" for not lowering interest rates. The confirmation of Miran to the Fed Board was met with mixed reactions from lawmakers. Senate Majority Leader Chuck Schumer praised the move, saying it would bring "fresh perspectives" to the board. However, some Democrats expressed concerns about Miran's lack of experience in monetary policy and his ties to the White House. "Miran's appointment is a clear example of the administration's attempt to politicize the Fed," said Sen. Elizabeth Warren (D-Mass.). "We need independent thinkers on the Fed Board, not yes-men for the president." The confirmation process was marked by controversy after Trump attempted to fire Governor Lisa Cook in August, a move that a federal judge temporarily blocked last week. Mir an's appointment is seen as a significant development in the ongoing battle between the White House and the Fed. The central bank has maintained its independence despite Trump's efforts to exert control over monetary policy. The confirmation of Miran to the Fed Board comes at a critical time for the economy, with interest rates and inflation remaining key concerns for policymakers. As the new member of the Fed Board, Miran will play a crucial role in shaping the nation's economic policies. In a statement, Miran said he was "honored" to be joining the Fed Board and looked forward to working with his colleagues to promote economic growth and stability. The confirmation of Miran marks a significant shift in the balance of power on the Fed Board. With three new members appointed by Trump, the board is now more closely aligned with the administration's views on monetary policy. As the economy continues to navigate uncertain times, the role of the Fed Board will remain under intense scrutiny. The confirmation of Miran and the ongoing battle between the White House and the Fed will likely continue to dominate headlines in the coming weeks. Background: The Federal Reserve Board is responsible for setting interest rates and regulating monetary policy. The board consists of seven members, including the chairman, who serves a four-year term. The board has been under pressure from Trump, who has publicly criticized its independence and called for lower interest rates. Context: The confirmation of Miran to the Fed Board comes amid ongoing tensions between the White House and the central bank. Trump's attempts to exert control over monetary policy have sparked concerns about the administration's commitment to the Fed's independence. Additional Perspectives: Some economists have expressed concerns about Miran's lack of experience in monetary policy, citing his background as a lawyer and economist rather than a seasoned central banker. "I'm not sure how much value Miran will bring to the Fed Board," said Mark Zandi, chief economist at Moody's Analytics. "He lacks the expertise and experience needed to navigate the complexities of monetary policy." Others have praised Miran's appointment, citing his background in economics and his commitment to promoting economic growth. "Miran is a highly qualified individual who brings a fresh perspective to the Fed Board," said Sen. Mitch McConnell (R-Ky.). "I'm confident he will do an excellent job serving on the board." *Reporting by Npr.*