Key Takeaways
- Stephen Miran, Trump's nominee for Federal Reserve Governor, is set for a Senate confirmation hearing on September 4.
- Miran's confirmation is likely, despite opposition, ahead of the Federal Reserve's key rate-setting meeting.
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The Senate Banking Committee will hold a confirmation hearing for Stephen Miran, Trump’s nominee to the Federal Reserve Board, on September 4, as the administration aims to fast-track his approval ahead of the central bank’s next policy gathering.
Miran, presently chairing the Council of Economic Advisers and known for his pro-crypto stance, was chosen by Trump to take over the Fed seat left open by Adriana Kugler earlier this month.
Treasury Secretary Scott Bessent and other administration officials are pushing for Miran’s confirmation before the Fed’s September 16–17 rate-setting meeting, and the Republican-led Senate is expected to approve him despite potential Democratic opposition.
Miran previously secured Senate confirmation this year as chair of the Council of Economic Advisers with a party-line vote of 53-46, with no Republicans opposing his appointment.
Democrats, while unable to block the nomination independently, are likely to question Miran about Trump’s dismissal of Fed Governor Lisa Cook and attempts to pressure the central bank to reduce interest rates.
Republican senators, including John Kennedy of Louisiana, who has defended Fed Chair Jerome Powell, may also scrutinize the nominee’s stance on Fed independence.
If Miran joins the Federal Reserve Board, he is likely to advocate forcefully for lower interest rates and policy positions consistent with President Trump’s agenda.
In his role as governor, Miran would cast a direct vote on interest rate decisions, amplifying dovish influence and shaping outcomes in meetings where the committee is divided.
