Senate Banking advances Miran nomination for Fed

Mark Schoeff Jr., CQ-Roll Call on Sep 10, 2025

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WASHINGTON — The Senate Banking Committee voted along party lines Wednesday, 13-11, to advance the nomination of Stephen Miran for a seat on the Federal Reserve as Democrats warned that his potential conflicts of interest will trail him to a floor vote.

Miran was nominated by President Donald Trump to fill out the last four months of former Fed Governor Adriana Kugler’s term. Miran is currently chairman of the Council of Economic Advisers and said during a hearing last week that he would not resign from his CEA post but rather take an unpaid leave of absence if he were confirmed for the Fed role.

Democrats said Miran wouldn’t be independent of the White House when voting on interest rates. Trump has been pressuring Fed Chair Jerome Powell to lower rates.

“This nomination sets up an obvious Trump loyalty test for Dr. Miran,” Senate Banking ranking member Elizabeth Warren, D-Mass., said before the vote. “He knows that every vote he takes determines whether he can go back to his White House job. That is not independence – that is servitude. He will have zero credibility with markets, zero credibility with businesses, and zero credibility with the public if he is confirmed to the Board under these circumstances.”

Sen. Jack Reed, D-R.I., said Miran hasn’t answered questions about conflicts related to keeping his White House job. Miran said at his hearing that he is taking the leave of absence on the advice of counsel.

But Miran has not provided further information to lawmakers, Reed said.

“We requested in writing that legal opinion, and he has refused to give it to us,” Reed said. “So we are still completely uncertain as to legal status and his independence, which is critical as a member of the Federal Reserve Board. And as we go forward and go towards the floor, this issue of his legal ability to retain both jobs will be pressed further, and I would urge Mr. Miran or his associates to deliver to us the opinion there.”

Senate Banking Chair Tim Scott, R-S.C., said Miran has the background to be a good Fed governor.

“He has also guided policies that strengthen domestic production, reduce trade imbalances and bolster economic resiliency,” Scott said. “Dr. Miran is ready to step into this role that is critical to advancing opportunity, promoting accountability and protecting American prosperity.”

It’s unclear when Miran will receive a vote on the Senate floor. The Federal Open Market Committee, on which Fed governors sit, will meet next week to vote on interest rates.

Miran’s nomination is proceeding as Trump is attempting to fire another Fed governor, Lisa Cook. A federal judge late Tuesday temporarily blocked Trump from removing Cook while courts consider her lawsuit to stop Trump’s move.

The case centers on whether Trump has appropriate cause to dismiss Cook under the law that established the Fed. U.S. District Judge Jia Cobb said the legal challenge raises many questions of “first impression” that require more deliberation.

The case could wind up in the Supreme Court, the destination Warren is expecting. Before the Miran vote, she told reporters Cobb’s decision demonstrates the Fed stands apart from the White House.

“Last night, the courts backed that up by saying the Fed is independent; Donald Trump cannot fire Lisa Cook,” Warren said. “If the Supreme Court also follows the law, then she will be secure in her job.”