Sept. 15 (UPI) — Senate Republicans on Monday confirmed White House economic adviser Stephen Miran to join the Federal Reserve Board despite staunch Democratic concerns about his independence.
The Senate voted 48-47 mostly along party lines to narrowly approve Miran’s nomination to serve as governor on the Federal Reserve Board, an independent nonpartisan agency that has been targeted by the Trump administration as it seeks to consolidate federal government power.
He will fill the remainder of Adriana Kugler’s 14-year term, which is set to expire in January.
As one of seven Fed governors, Miran will be a key economic policymaker, voting on the country’s monetary policy, including U.S. interest rates, which President Donald Trump has been calling to be lowered for much of his second term.
Democrats have been in vocal opposition to Miran’s nomination, saying his appointment to the board would undermine its independence due to his loyalty to Trump and the fact that he will remain chair of the White House Council of Economic Advisers.
“Stephen Miran isn’t being nominated to help families. He’s being put on the Fed to do Trump’s bidding,” Sen. Ruben Gallego, D-Arizona, said in a statement defending his “no” vote.
“He’ll do whatever helps Trump politically and leave us all with higher prices and a bad job market.”
Republicans backed the nomination, with the GOP-led U.S. Senate Banking Committee Chairman Tim Scott, R-S.C., saying it is “a win” for the American people.
“He brings deep experience, proven leadership and a clear commitment to ensuring the American economy remains strong and competitive. I am confident Dr. Miran will act in an independent manner,” Scott said in a statement.
The Senate took up the vote Monday after the Senate Banking Committee earlier in the day voted to advance Miran’s nomination for the seat left vacant by Kugler, a Biden nominee, who abruptly resigned.
Miran said during the committee hearing that he would take a leave of absence from his position at the White House while finishing the remainder of Kugler’s term. That unusual arrangement and Trump’s pressure campaign to get the Fed to lower interest rates has stoked concern about the independence of the central bank.
“You are going to be technically an employee of the president of the United States, but an independent member of the board of the Federal Reserve?” Sen. Jack Reed, D-Rhode Island, said during the hearing. “That’s ridiculous.”
Miran said during the hearing that his thinking process would be independent while serving on the board. Sen. John Kennedy, R-La., replied that they would hold him to that.
Sen. Andy Kim, D-N.J., said in a recorded statement before the Senate vote that if Miran is confirmed he will call for him to resign as Trump’s chief economic advisor.
“He cannot have someone simultaneously working for the White House, working directly under Donald Trump, and sitting on the board of the Federal Reserve,” he said, adding that several of his Republican colleagues have told him that they are also “very uncomfortable” with arrangement.
“If he wants to go, he has to resign his position at the White House.”
The Fed is expected to begin discussions on interest rates Tuesday.
Federal Reserve Chair Jerome Powell has been reluctant to lower the cost of borrowing despite sharp criticism and insults by Trump, who is viewed as seeking to undermine the central bank’s independence.
Trump has attempted to fire Federal Reserve Governor Lisa Cook, alleging she committed mortgage fraud. A judge earlier found the charge to be unfounded and ordered her to be reinstated.