Senate confirms Stephen Miran to Federal Reserve board amid pressure for interest rate cuts

The United States Senate confirmed Stephen Miran, an economic adviser to President Donald Trump, to the Federal Reserve Board of Governors on September 15, 2025. His confirmation came just before a pivotal Federal Open Market Committee meeting, where interest rates were expected to be discussed. Miran's appointment was significant as it filled a vacancy left by Adriana Kugler, who resigned early in August. He plans to take an unpaid leave of absence from his position as chair of the White House Council of Economic Advisers while serving on the Fed board. The Federal Reserve is under scrutiny as President Trump has been actively urging the central bank to lower interest rates amid concerns about economic growth. Trump described these interest rate cuts as necessary for stimulating the economy and pressed for more aggressive reductions than previously considered by Fed officials. This ongoing pressure has led to speculation about the independence of the Fed and how such criticisms from the administration might influence its decisions. With Miran's confirmation, concerns arose among Democratic lawmakers regarding potential conflicts of interest due to his ties to the White House. During the Senate Banking Committee hearings, critics highlighted that his continued role at the White House could undermine the perceived independence of the Federal Reserve. Despite these concerns, Republican senators defended Miran, praising his experience and asserting his commitment to maintaining the Fed's independence. In addition to Miran’s confirmation, a legal dispute involving another Federal Reserve Governor, Lisa Cook, added to the complexity of the Fed's current political landscape. Trump attempted to dismiss Cook under allegations of mortgage fraud, but a judge ruled against his attempt, allowing her to remain in her position while the case proceeds through the courts. This situation unfolding within the Federal Reserve illustrates the heightened political tensions surrounding monetary policy as the central bank prepares to make critical decisions affecting the economy.