Senate Confirms Trump Adviser Stephen Miran as Federal Reserve Governor

The Senate on Monday confirmed Stephen Miran, chairman of the White House Council of Economic Advisers, to a seat on the Federal Reserve Board, giving President Donald Trump an influential voice inside the central bank at a critical moment for monetary policy.

The 48–47 vote fell largely along party lines, with Sen. Lisa Murkowski (R., Alaska) joining Democrats in opposition. Republicans had recently streamlined Senate procedures to speed consideration of Trump’s nominees, allowing Miran to take his seat in time for the Fed’s two-day meeting that begins Tuesday.

Democrats opposed Miran in lock-step, appearing to cast their votes less as an evaluation of his record than as a rebuke of the president who nominated him. Their objections often dwelled on his White House ties, even as Miran emphasized his commitment to the Fed’s statutory mandates. The opposition underscored how confirmation fights have increasingly become partisan showdowns, with qualifications taking a back seat to political signaling.

A Break from Consensus

Miran has been one of the administration’s leading architects of economic research and policy, helping to defend the president’s global tariff strategy and most recently steering the White House’s optimistic outlook on growth. His analysis of economic benefits of the sweeping tax reform bill known as the One Big Beautiful bill is widely believed to have played a key role in passing the legislation. On Friday, the Congressional Budget Office said the law would result in faster growth over the next three years.

Supporters say his arrival at the Fed could help counter what they describe as a long-standing tendency toward groupthink among central bank officials.

At his confirmation hearing, Miran pledged to follow the Fed’s dual mandate and make judgments based on the long-term health of the economy. “I will dutifully carry out my role pursuant to the mandates assigned by Congress,” he told lawmakers.

Independence Questioned

Some senators, including Murkowski, said Miran should have resigned from his White House post instead of taking a leave of absence, arguing the arrangement could create the perception of divided loyalties. Others dismissed those concerns, noting that the Fed’s credibility depends on open debate and a willingness to include officials with experience outside the institution.

Miran has not hesitated to question the Fed’s policies. He faulted the central bank for failing to anticipate inflation after pandemic stimulus spending and has argued that tariffs have not produced the broad-based price pressures many economists predicted. Before rejoining the government, he worked as a senior strategist at Hudson Bay Capital Management and at the Treasury Department during Trump’s first term.

In 2024, Miran authored what became known as the Mar-a-Lago Accord, a paper that urged policymakers to consider more active management of the dollar in order to boost American competitiveness abroad. Rather than treating exchange rates as untouchable, Miran argued they should be seen as a lever for supporting exports, rebalancing trade, and encouraging domestic production. Admirers saw the proposal as a creative revival of long-standing debates over currency strategy, akin to the Plaza Accord of 1985, but tailored to the challenges of today’s global economy.

A Short-Term Post…Maybe

Miran is filling the seat left vacant by Adriana Kugler’s departure. The term runs through January, though he could continue serving until a replacement is named. Trump will also have the chance to appoint a Fed chair when Jerome Powell’s term ends in May.

For now, Miran’s confirmation ensures that Trump has placed another voice inside the Fed at a time when officials are weighing whether to cut interest rates after holding them steady this year. His presence is expected to sharpen debate inside the boardroom and test how far the central bank is willing to open itself to perspectives beyond its traditional consensus.