The US Senate confirmed a senior Trump administration official to the Federal Reserve’s board of governors on Monday, intensifying debate over the central bank’s independence. The vote, held just before the Fed’s crucial September policy meeting, approved Stephen Miran by 48 to 27. Miran, already serving as chair of President Trump’s council of economic advisers, now holds a powerful dual role in both the executive branch and the Fed.
The confirmation coincided with a ruling from the US Court of Appeals for the District of Columbia Circuit, which rejected the administration’s bid to remove Lisa Cook, a Biden appointee, from the Fed’s board. The decision ensures Cook will remain in place during this week’s meeting, where policymakers are widely expected to consider an interest rate cut.
Miran’s appointment marks an unprecedented moment in the Fed’s history, as it brings a sitting White House official into the central bank’s top ranks. Trump has openly declared his intention to gain majority influence over the Fed, challenging its traditional independence. He has repeatedly pressed for aggressive rate cuts and criticized Chair Jerome Powell for resisting his demands.
Although Miran described Fed independence as “critical” during his Senate hearing, concerns grew when he opted for unpaid leave from his White House role instead of resigning completely. Meanwhile, Trump has sought to oust Cook over unsubstantiated allegations of mortgage fraud—claims a federal judge dismissed earlier this month. Cook, whose term runs until 2038, is the first Black woman on the Fed’s board and has accused Trump of targeting her for policy differences.
As Trump continues to pressure the central bank, he reiterated on Truth Social: “Powell MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!” The Fed will announce its latest decision on Wednesday.
Trump Secures Fed Board Seat for Adviser as Court Blocks Lisa Cook Removal
