Miran’s appointment was approved by a 48-47 vote, clearing the way for him to attend the Fed meeting on September 16-17.
Trump nominated Miran to fill the unexpected vacancy left by former Fed Governor Adriana Kugler, with his term set to end in January 2026.
Miran currently serves as Chairman of the Council of Economic Advisers (CEA) but declined to relinquish this role when nominated for the Fed. Instead, he proposed taking a leave of absence from the CEA during his Fed tenure.
This move has raised concerns over his independence at the Fed, especially given his close relationship with the White House.
Senator Lisa Murkowski, the only Republican to vote "no" on Miran’s nomination, cited concerns about the Fed’s independence. Nevertheless, the nomination increases Trump’s presence on the seven-member Fed Board, with two other governors also remaining from his previous term.
Trump has repeatedly called for aggressive rate cuts this year, and his efforts to secure more influence over the board are seen as potentially pushing his agenda forward.
However, this has raised concerns about the Fed’s political independence, a central tenet of its traditional operation. In late August, Trump attempted to remove Fed Governor Lisa Cook over alleged mortgage fraud, though a recent appeals court ruled that the president had no grounds to do so. Trump has stated that he will take the case to the Supreme Court.
The Fed is widely expected to cut interest rates by at least 25 basis points this week, amid signs of a cooling labor market. However, its stance on future easing remains uncertain, especially with persistent domestic inflation.