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Trump Fed nominee Stephen Miran promises independence while keeping White House advisor job
Fed nominee maintains White House loyalty while promising independence·September 4, 2025
Stephen Miran, then serving as Chair of the White House Council of Economic Advisers, testified September 4, 2025 before the Senate Banking Committee for his Federal Reserve nomination. Miran stated he would take unpaid leave from his White House position if confirmed, rather than resign entirely. Senators questioned whether unpaid leave adequately addresses conflicts between Fed independence and White House political coordination. He was confirmed September 15, 2025 by a 48-47 Senate vote.
Key facts
Stephen Miran testified September 4, 2025 before Senate Banking Committee for Federal Reserve governor nomination while serving as Chair of White House Council of Economic Advisers
Miran stated he would take unpaid leave from White House position if confirmed, rather than resign entirely from Council of Economic Advisers
Senate confirmed Miran on September 15, 2025 by 48-47 vote along party lines, with only Republican Lisa Murkowski voting against
Miran fills Adriana Kugler's unexpired term ending January 31, 2026 after she resigned August 8, 2025
Democratic senators including Jack Reed and Elizabeth Warren questioned whether unpaid leave adequately addresses conflicts with Fed independence
Federal Reserve governors serve 14-year staggered terms designed to insulate monetary policy from short-term political pressures
Miran is first Fed governor to hold White House position since 1936, when Banking Act of 1935 ended practice of Treasury officials serving on Fed Board
Historical Fed independence since 1936 protects economic stability by preventing presidential manipulation of interest rates for political gain
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