Trump Adviser Stephen Miran Narrowly Confirmed to Federal Reserve Board in Senate Vote Shocker
Washington's latest power play just reshuffled the Fed's deck—and Wall Street's watching every move.
The Political Calculus
Stephen Miran squeaked through confirmation by the slimmest of margins, securing his seat at the world's most powerful monetary table. The Senate's nail-biter vote signals deepening partisan divides over America's financial direction.
Policy Implications
Miran's appointment tilts the Fed's balance toward unconventional economic thinking—exactly what you'd expect from a Trump insider. His record suggests deregulation fervor meets mainstream skepticism, potentially altering interest rate decisions for years.
Market Reactions
Traders initially shrugged, but bond markets twitched at the prospect of looser oversight. Because nothing says 'sound monetary policy' like installing political loyalists at the central bank—just ask any emerging market dictator.
This confirmation doesn't just change who sits at the table; it changes what's on the menu. And after decades of Fed predictability, Wall Street might finally get the volatility it secretly craves.
Conflict of interest concerns
Miran’s nomination has raised concern among Democrats who argue that his plan to remain chair of the WHITE House’s Council of Economic Advisers, albeit on unpaid leave, is incompatible with the Federal Reserve’s independence.
The appointment comes against the backdrop of President Donald Trump’s attempts to wield greater influence over the central bank, following his clashes with Fed leadership and his failed bid to oust Federal Reserve Board of Governors member Lisa Cook.
Sen. Elizabeth Warren (D-Mass.), the Senate Banking Committee’s ranking member, warned ahead of the vote that TRUMP had run a months-long campaign to turn the Fed into his “personal piggy bank” in a bid to “escape accountability for his own economic failures,” calling Miran his “puppet.”
Other Democrats echoed her concerns. Sen. Andy Kim (D-N.J.) tweeted that “the Federal Reserve cannot remain politically independent with Stephen Miran serving on its Board AND as Trump’s Chief Economic Advisor.”
Sen. Ruben Gallego (D-Ariz.) also claimed Miran was being put on the Fed to do Trump’s bidding. "He’ll do whatever helps Trump politically and leave us all with higher prices and a bad job market," he said.
The Federal Reserve cannot remain politically independent with Stephen Miran serving on its Board AND as Trump’s Chief Economic Advisor. It’s common sense.
If confirmed, Stephen Miran must resign from the White House. pic.twitter.com/CDKDWB95Rm
— Senator Andy Kim (@SenatorAndyKim) September 15, 2025
Miran will serve out a term ending Jan. 31, 2026, filling the seat vacated by Adriana Kugler, who resigned in August to return to Georgetown University.
A Harvard-trained economist, Miran worked briefly at the Treasury Department during Trump’s first term, helping craft the administration’s fiscal response to the COVID-19 recession. He is currently a fellow at the Manhattan Institute and was a senior strategist at Hudson Bay Capital, which traded claims in the FTX bankruptcy.
Miran has also been outspoken in favor of deregulation and argued that the Treasury Department under Janet Yellen had overstepped into the Fed’s traditional role.
