Trump Ally Stephen Miran Joins Federal Reserve Board Ahead of Interest Rate Decision
WASHINGTON – Stephen Miran, a loyalist to former President Donald Trump, was sworn in as a member of the Federal Reserve Board of Governors Monday, just days before a crucial meeting to determine American interest rates. His appointment, confirmed by the Senate last week, fills a vacant seat and restores the Board to its full complement of seven governors.
Miran’s arrival comes amidst ongoing efforts by Trump to reshape the fed’s leadership, following previous attempts to remove Jerome Powell as Chair and challenge the position of Governor Lisa Cook. The timing of Miran’s appointment raises questions about potential shifts in monetary policy, as the Fed weighs whether to continue raising interest rates to combat inflation or pause to assess the economic impact. twelve individuals ultimately decide U.S. interest rates: the Governors’ Council (six governors including Powell), the president of the New York Fed, and four rotating presidents of Regional Feds.
A real estate executive with no prior experience in monetary policy, Miran was nominated by President Biden in September 2023 and confirmed by a narrow 51-49 vote in the Senate. His confirmation followed scrutiny from Democrats concerned about his past associations with Trump and his potential influence on the central bank’s independence. He is expected to participate in the upcoming Federal Open Market Committee (FOMC) meeting, scheduled to conclude Wednesday.
