Fed Nominee Stephen Miran to Take Unpaid Leave from White House if Confirmed

Stephen Miran, nominated by former President Donald TRUMP to replace Adriana Kugler on the Federal Reserve Board, testified before the Senate that he would take unpaid leave from his White House role if confirmed. His term is slated to run until January 31, 2026, unless extended by Trump. Miran emphasized compliance with legal counsel's advice, stating he would resign if nominated for a longer term.

The arrangement has raised concerns about Fed independence, particularly amid Trump's vocal criticism of current Fed Chair Jerome Powell and his push for aggressive rate cuts. Lawmakers fear Trump may seek direct influence over monetary policy decisions.

Miran has reportedly advocated for a 'shadow chair' at the Fed, fueling speculation about potential WHITE House interference in central bank operations. The situation underscores growing political tensions surrounding the Fed's traditionally independent stance.