Senate Confirms Trump Advisor to Federal Reserve Board Amid Independence Concerns

The Senate narrowly confirmed Stephen Miran, a WHITE House advisor, to the Federal Reserve Board in a 48-47 vote. His appointment breaks a century-old precedent, marking the first time an active White House aide joins the Fed's board since its 1930s reorganization. Miran will assume his role as the Fed begins a critical two-day meeting to determine interest rate policy, with economists anticipating a quarter-point cut to stimulate the labor market.

Controversy surrounds Miran's dual role. While he pledged an unpaid leave from White House duties, lawmakers question whether he can maintain Fed independence—a principle he called "critical" during confirmation hearings. President Trump's overt ambitions to influence Fed policy, including plans to install a board majority, have heightened concerns about institutional autonomy.

The rate decision carries immediate consequences for consumer borrowing costs. Mortgage, auto loan, and credit card rates hang in the balance as policymakers convene in Washington. Miran's presence adds volatility to deliberations already strained by Trump's public clashes with Chair Jerome Powell over monetary strategy.