September 17, 2025
Federal Reserve cuts rates; new Fed governor Stephen Miran dissents and urges bigger reductions
Powell says "no widespread support" for half-point cut despite White House demands
💰Economy🏛️Government
On September 17, 2025, the Federal Open Market Committee lowered the target federal funds rate by 0.25 percentage points to a range of 4.00%–4.25%.\n\nThe Committee cited moderated economic growth, slowed job gains, and elevated inflation in its statement.\n\nVoting was 11–1, with Stephen I.\n\nMiran recorded as the sole dissenter; he preferred a 0.50 percentage point cut.\n\nMiran had been confirmed by the Senate on September 16, 2025 and took office to fill an unexpired term.\n\nIn a September 22, 2025 speech to the Economic Club of New York, Miran argued that monetary policy was more restrictive than needed and pressed for much larger cuts than the Committee endorsed.\n\nMiran''s dual role in the White House, taken as unpaid leave, drew criticism about independence from multiple lawmakers and commentators.
On September 17, 2025 the FOMC lowered the federal funds target range by 25 basis points to 4.00%–4.25% and cited slower job gains and elevated inflation in its statement.
Voting on September 17, 2025 was recorded as 11 in favor and 1 against. 
Stephen I. Miran voted against the action and stated he preferred a 50 basis point cut at that meeting.
The U.S. Senate confirmed Stephen Miran to the Board of Governors on September 16, 2025 by a 48–47 vote. Miran filled an unexpired term that runs to January 31, 2026.
Miran spoke at the Economic Club of New York on September 22, 2025 and publicly urged much deeper easing than the FOMC adopted. Reporting shows he cited tax, immigration, rental and tariff developments in his argument.
Miran said he would take unpaid leave from his White House role while serving on the Fed. Multiple lawmakers and watchdogs flagged that arrangement as raising independence concerns.
💰Economy🏛️Government
People, bills, and sources
Stephen I. Miran
Federal Reserve Governor
Jerome Powell
Federal Reserve Chair
Donald J. Trump
U.S. President
What You Can Do
1
civic action
Contact Senate Banking Committee
Request rigorous vetting of Fed nominees for institutional independence.
Phone Call Script: Senate Banking Committee - Fed Nominee Independence
Opening: Hi, I'm calling as a constituent to request that the Senate Banking Committee conduct rigorous vetting of Federal Reserve nominees for institutional independence.
Key points to mention:
- On September 17, 2025, the Federal Open Market Committee lowered the target federal funds rate by 0.25 percentage points
- New Fed governor Stephen Miran dissented, urging bigger reductions
- Miran had been confirmed by the Senate on September 16, 2025 and took office the same day
- Miran's dual role in the White House, taken as unpaid leave, drew criticism about independence
- In a September 22 speech, Miran argued for much larger rate cuts than the Committee endorsed
Impact explanation: The Federal Reserve's independence is critical for maintaining economic stability. When Fed governors have close ties to the White House or advocate for policies that align with political pressure rather than economic data, it undermines the Fed's credibility and effectiveness.
Questions to ask:
- What is the Senate Banking Committee's vetting process for Fed nominees?
- How does the Committee evaluate potential conflicts of interest, such as White House roles?
- Will the Committee hold oversight hearings on Miran's appointment and his dual role?
- What changes will the Committee make to ensure future Fed nominees maintain independence?
Specific request: I'm asking the Senate Banking Committee to conduct rigorous vetting of Fed nominees for institutional independence, investigate potential conflicts of interest, and ensure the Federal Reserve maintains its independence from political pressure.
Contact: Senate Banking Committee: [Find current phone number] Website: banking.senate.gov
Thank you for your time.
2
civic action
Submit public comment to the Federal Reserve
Use the Board of Governors public comment portal to express concerns about politicization of monetary policy before the next FOMC meeting.
Public Comment Template: Federal Reserve Board of Governors
Subject: Comment on Politicization of Monetary Policy
Submit to: [Federal Reserve public comment portal - check website for current docket]
Comment:
I am writing to express concerns about the politicization of monetary policy following the September 17, 2025 Federal Open Market Committee meeting.
Background: On September 17, 2025, the FOMC lowered the target federal funds rate by 0.25 percentage points. New Fed governor Stephen Miran dissented, urging bigger reductions. Miran had been confirmed by the Senate on September 16 and took office the same day. Miran's dual role in the White House, taken as unpaid leave, drew criticism about independence. In a September 22 speech, Miran argued for much larger rate cuts than the Committee endorsed.
Specific concerns:
- Fed governors should maintain independence from political pressure
- Dual roles in the White House create potential conflicts of interest
- Monetary policy decisions should be based on economic data, not political considerations
- Public statements advocating for policies outside FOMC consensus undermine the Fed's credibility
Request: I request that the Board of Governors ensure Fed governors maintain independence from political pressure and avoid conflicts of interest that could undermine the Fed's credibility and effectiveness.
Contact information: [Your name, address, email]
Submission: Submit through the Board of Governors public comment portal. Check the website for current dockets and submission instructions.
3
practicing
File a FOIA request
Request communications between Fed officials and the White House related to monetary policy during Miran's transition.