On Monday, September 15, 2025, the U.S. Senate narrowly confirmed Stephen Miran, President Donald Trump’s top economic adviser, as a member of the Federal Reserve’s Board of Governors, marking a historic and contentious shift for the nation’s central bank. The 48-47 vote, with Alaska’s Lisa Murkowski the lone Republican dissenter and no Democrats crossing the aisle, paved the way for Miran to join the Fed just in time for its pivotal two-day monetary policy meeting this week. With the central bank expected to announce a quarter-point interest rate cut to bolster a weakening labor market, Miran’s arrival couldn’t have come at a more consequential moment.
Miran, who currently chairs the White House Council of Economic Advisers, will take unpaid leave from his post while serving on the Fed board. This arrangement is unprecedented: for the first time in the Fed’s 111-year history, a sitting White House official will also serve as a voting member of the central bank’s governing body. According to BBC, this move has raised significant concerns about the Fed’s independence, a principle long held sacred by lawmakers and economists alike.
The vacancy Miran fills was created just last month, when Biden appointee Adriana Kugler resigned before the end of her term, which was set to expire in January 2026. Miran’s appointment is officially a short-term one, but as The New York Times notes, he could remain on the board until a permanent successor is confirmed, potentially extending his influence beyond the scheduled end of his term. President Trump has not ruled out nominating Miran for a full term, leaving the door open to further entrenchment of his influence at the Fed.
During his Senate confirmation hearing, Miran faced tough questions from Democrats and some Republicans about his ability to maintain independence from the White House. Senator Elizabeth Warren, the committee’s top Democrat, was particularly vocal: “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,” she warned, according to Politico. Warren characterized Miran’s nomination as a key part of Trump’s effort to “seize personal control of the Fed.”
Republican Senator Tim Scott, who chairs the Senate Banking Committee, took the opposite view. “He brings deep experience, proven leadership and a clear commitment to ensuring that the American economy remains strong and competitive,” Scott said, lauding Miran’s credentials and economic expertise. The confirmation process was unusually swift, taking just a few weeks instead of the months typically required to vet and approve a Fed nominee—a point that did not go unnoticed by critics.
Miran’s own words during his confirmation hearing reflected an awareness of the skepticism surrounding his appointment. “The independence of monetary policy is a critical element for [the Fed’s] success,” he stated, adding, “I intend to preserve that independence.” He further promised to “dutifully carry out my role pursuant to the mandates assigned by Congress” and to base his decisions on his analysis of the economy and what’s best for its long-term stewardship. Miran also pledged that, if confirmed to a longer Fed term, he would “absolutely resign” from the Council of Economic Advisers, reiterating his commitment to ethical standards and federal law.
Yet doubts linger. Miran’s critics point to his history of defending Trump’s economic agenda, particularly his support for global tariffs. According to NBC News, Miran argued as recently as August that “doom and gloom” predictions about tariffs “just hasn’t panned out,” maintaining that these duties have not fueled inflation. He’s also echoed Trump’s belief that stricter immigration policies will reduce housing demand and lower prices. Many economists, however, have warned that tariffs are beginning to make goods more expensive and threaten both sides of the Fed’s dual mandate—stable prices and full employment.
Miran’s confirmation comes amid an extraordinary campaign by President Trump to reshape the central bank in his image. Over the past several months, Trump has repeatedly lambasted the Fed for not cutting interest rates sooner, publicly deriding Fed Chair Jerome Powell as a “numbskull” and “too late.” Just hours before the Senate vote, Trump took to Truth Social to demand, in all caps, that Powell “must cut interest rates, now, and bigger than he had in mind.”
The president’s efforts to assert control over the Fed have gone even further. Trump has sought to fire Fed Governor Lisa Cook, the first Black woman to serve on the board, citing allegations of mortgage fraud—allegations Cook has denied. A federal judge temporarily blocked her removal while legal proceedings continue, and documents obtained by NBC News appear to contradict the claims against her, showing she listed her Atlanta property as a vacation home on financial forms. The Trump administration is also pursuing mortgage fraud investigations against Senator Adam Schiff and New York Attorney General Letitia James, both vocal critics of the president.
If Trump succeeds in firing Cook and replacing Fed Chair Powell when his term expires in May, five of the Fed’s seven board members would be Trump appointees—a dramatic shift for an institution designed to operate independently of partisan politics. The Senate’s recent rule change, which made it easier to advance presidential nominees, underscores the administration’s determination to cement its influence over the central bank.
For his part, Miran has a complicated relationship with the Fed. Before joining the White House, he served at the Treasury Department and later at Hudson Bay Capital Management, a hedge fund. He once co-authored a report known as the Mar-a-Lago Accord, advocating for a weaker U.S. dollar to boost American exports. Miran has also been fiercely critical of the Fed’s structure and policies, faulting Powell’s leadership for failing to anticipate inflation after pandemic stimulus spending.
Despite these criticisms, Miran insists he will bring an independent mindset to the Fed. “I’m very independently minded, as shown by my willingness to stray from consensus and have out-of-consensus views, and I believe that I will continue to be as independent in my thinking process, if confirmed,” he told senators. Still, the optics of a White House adviser moonlighting as a Fed governor, even on unpaid leave, have left many questioning whether the central bank’s independence is truly secure.
As the Federal Reserve’s policy-setting committee convenes this week, all eyes are on Miran and his fellow governors. The upcoming interest rate decision will be seen as an early test of the new board’s autonomy—and a signal of how much sway the White House now holds over the nation’s most powerful economic institution. For better or worse, the boundaries between economic policy and political power appear more blurred than ever before.
With Miran now seated at the table, the Federal Reserve faces a defining moment—one that could reshape not only its internal dynamics, but the very foundation of economic governance in the United States.
