Trump’s Fed Pick Clears Hurdle Before Critical Meeting On Interest Rates

The Senate voted to cut off debate on chief White House economist Stephen Miran’s nomination to serve on the Federal Reserve Board on Monday evening in a near party-line vote, teeing his confirmation up for a vote on final passage.

Senators voted 50 to 44 to advance Miran’s nomination for an open seat vacated by Biden-appointed Federal Reserve Governor Adriana Kugler, who resigned in August before her term was set to end on Jan. 31, 2026. Miran’s expected confirmation will allow him to participate in the Fed’s mid-September gathering on interest rates that begins on Tuesday. (RELATED: Fed Governor Defies Trump, Refuses To Step Down After He Says, ‘You’re Fired’)

Republican Alaska Sen. Lisa Murkowski was the only GOP senator to vote against ending debate on Miran’s nomination, joining all Democrats who voted.

Miran’s ascension to the Fed’s board of governors will also give him a vote on the central bank’s Federal Open Market Committee (FOMC), which sets U.S. interest rates. The FOMC is expected to cut interest rates by a quarter percentage point in part due to concerns about a weakening labor market, marking the first time the committee reduced rates since last December.

President Trump has repeatedly called on the Fed to aggressively lower interest rates, invoking the potentially beneficial effect on the housing market in a Truth Social post on Monday. Fed chair Jerome Powell has thus far been mostly unwilling to cut rates, earning the ire of Trump and GOP lawmakers who have asked for his resignation.

Miran has said he would resign from his post at the White House Council of Economic Advisors if he were nominated by Trump for a regular term.

Miran’s appointment also comes as the Trump administration has sought to fire Lisa Cook from the Fed’s Board of Governors, citing his authority to oust members of the board for “cause.” Federal Housing Finance Agency Bill Pulte has referred Cook to the Department of Justice for criminal prosecution over alleged mortgage fraud, but she has yet to be charged with a crime.

Biden-appointed Judge Jia Cobb blocked the Trump administration from ousting Cook on Tuesday. DOJ lawyers have appealed the decision and a federal appeals court is expected to rule as early as Monday about whether Cook can remain in her post.

It is unclear whether Cook will participate in the Fed policy committee’s two-day meeting.

The Senate is expected to confirm Miran to the Federal Reserve later on Monday evening.

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