Confirmed: Fed Nomination Fast Tracked
September 16, 2025
The Senate confirmed Stephen Miran on a party-line 13-11 vote. Miran is the chair of the Council of Economic Advisors.
- Yesterday, the Senate confirmed Miran in a vote of 48-47.
- Sen. Lisa Murkowski (R-AK) was the only Republican to vote against Miran, citing his refusal to resign from his White House position.
Why it matters: Miran was nominated to the only (undisputed) open seat after Fed Governor Adriana Kugler unexpectedly stepped down in August ahead of the scheduled end of her term in January 2026.
- President Donald Trump has clashed with Fed Chair Jerome Powell over interest rate policy and has publicly flirted with firing Powell.
- Trump has also sought to fire Fed Governor Lisa Cook over alleged mortgage fraud allegations; the “for cause” firing is making its way through the courts.
What they’re saying: The Senate Banking Committee examined Stephen Miran’s nomination in a hearing on Sept. 4.
- Most notably, Miran announced he was not planning on retiring from his position at the Council of Economic Advisors (CEA), which was strongly criticized by several Democrat members.
- Miran maintained that Fed political independence is paramount to achieving its intended goals, and that he would independently exercise his decisions if confirmed.
- Nearly every Republican and Democrat committee member focused their questions on the Fed’s independence and Miran’s commitment to remaining independent, but they disagreed on his commitment to those goals.
Go deeper: The key issues discussed at the hearing included:
Miran’s Future Role at the CEA. Miran stated that he intends to take a temporary leave of absence from the CEA if appointed to the Fed, allowing him to resume his role in 2026.
- Democrats focused on this topic through the hearing, while Republicans avoided the subject.
- Sen. Jack Reed (D-RI) responded by calling this “ridiculous,” and said that this shows Miran’s independence is compromised.
- Sen. Chris Van Hollen (D-MD) asked Miran if he believes President Trump will allow him back to the CEA if he defies his wishes during his tenure on the Fed. Miran responded that he was unsure and emphasized he would act independently based on his own analyses. He underscored the importance of engaging with variety of sources, including Trump, whom Miran lauded for implementing several economically beneficial policies.
Fed Independence. Republican and Democrat members both consistently voiced their support for Fed independence throughout the hearing, but their interpretations differed on how independence is reflected.
- Committee Chair Tim Scott (R-SC) affirmed his support for Fed independence and asked Miran if he shared this view. Miran concurred, stating that he was chosen for the role because of his favorable policy views, rather than any obligation to carry out Trump’s wishes.
- Sen. Ruben Gallego (D-AZ) likened the administration’s current relationship with the Fed to the relationship between the Nixon administration and Fed Chair Arthur Burns, which he argued led to lower consumer confidence and prolonged stagflation in the 1970s. In response, Miran argued the stagflation from the 1970s was due to other factors, rather than a perceived loss of Fed independence.
- Sen. Bernie Moreno (R-OH) argued that appointing Miran would be a step toward restoring Fed independence, citing the Fed has been negatively influenced over recent years by concerns on climate, DEI policies, pandemic spending, and student loan debt forgiveness.
- Miran consistently referred to Fed policies that take climate change into account, arguing they were detrimental to Fed independence, and that he would do his best to ensure similar concerns would not be considered if appointed.
What’s next: Miran will participate in the FOMC vote on Sept. 17.