Senator Lisa Murkowski of Alaska was the only Republican who voted against confirming Miran. The vote was otherwise along party lines.<\/p>\n
Traditionally, Fed governors serve 14-year terms, but Miran was nominated to fill a partial term created by the abrupt departure last month of Adriana Kugler, a Biden appointee. <\/p>\n
Kugler resigned without a stated reason, about six months before the end of her board term in early 2026. Miran\u2019s leave of absence would avoid the need for Senate confirmation should he return to the White House next year, though he can remain at the Fed until a successor is confirmed.<\/p>\n
Miran\u2019s plan to retain his White House role while serving on the Fed directly contradicts his own previous criticism of the revolving door between the central bank and the executive branch. <\/p>\n
In a Manhattan Institute paper last year, he argued that Fed board members should be more insulated from political influence and called for prohibiting them from serving in the executive branch for four years after their Fed terms end.<\/p>\n
It also marks a sea change among Senate Republicans, who generally moved to shield the Fed from Trump\u2019s influence during his first term. Several individuals Trump had nominated or considered for the Fed during his first term, such as the late businessman Herman Cain and conservative pundit Stephen Moore, had to withdraw over Republican objections.<\/p>\n
Democratic lawmakers raised concerns about Miran\u2019s dual roles at a hearing this month, during which Senator Chris Van Hollen (D-Maryland) asked Miran whether the President would retain him as chairman of the Council of Economic Advisers if his Fed votes were to diverge from the White House\u2019s wishes.<\/p>\n
\u201cI do not know the inside of anyone else\u2019s mind,\u201d Miran said. \u201cWhat I can tell you is that if I am confirmed in the Federal Reserve, I will act independently based on my own independent analysis of the economy and economic policy.\u201d<\/p>\n
Some Senate Republicans said they were not concerned about how independent Miran would be after speaking with him.<\/p>\n
Democratic lawmakers raised concerns about Miran\u2019s dual roles at a hearing this month. Photo \/ Getty Images<\/p>\n
\u201cIf he were to be nominated for a longer term, I would expect him to sever ties with his current employer, whoever that might be,\u201d said Senator Mike Rounds (R-South Dakota). \u201cBut for this short-term period of time, I think he\u2019ll be fine.\u201d<\/p>\n
Senator Thom Tillis (R-North Carolina) said that he was not convinced that Miran would be independent \u2013 but that he didn\u2019t see it as a problem because Miran\u2019s term would officially only last for a few months.<\/p>\n
\u201cI don\u2019t think he\u2019s going to be independent,\u201d Tillis said. \u201cI mean, he basically said that he\u2019d go back and work for the president again. So he\u2019s obviously going to be carrying the banner of the White House.<\/p>\n
\u201cI don\u2019t have a problem with a voice of the White House being\u201d on the board, Tillis added.<\/p>\n
Miran\u2019s position is unprecedented for the modern Fed. Since the mid-1930s, no administration has had an office holder voting on monetary policy decisions. Before then, the treasury secretary was a member of the Fed board, but monetary policy decisions were not controlled centrally the way they are today.<\/p>\n
While at the White House, Miran has played a central role in implementing the Trump Administration\u2019s economic and trade agenda. <\/p>\n
He also has been a critic of a strong dollar. In a 2024 paper, Miran argued that the dollar has been persistently overvalued, making it difficult for the US to trade on level terms with other countries.<\/p>\n
As chief of the Council of Economic Advisers, Miran dismissed concerns that Trump\u2019s tariffs will stoke inflation. \u201cThere\u2019s no reason in the data to worry about inflation,\u201d Miran told the Washington Post in an interview in June, noting that the President began imposing new tariffs immediately after taking office.<\/p>\n
More recently, Miran joined other Administration officials in celebrating a string of trade deals and new tariffs as a sign that the uncertainty weighing on hiring and investment was beginning to lift.<\/p>\n
Trump has made it clear he wants a central bank more responsive to his political agenda, pressing for steep rate cuts to ease the cost of financing swelling deficits and exploring nominees seen as loyal to him.<\/p>\n
Sign up to Herald Premium Editor\u2019s Picks<\/a>, delivered straight to your inbox every Friday. Editor-in-Chief Murray Kirkness picks the week\u2019s best features, interviews and investigations. Sign up for Herald Premium here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Senator Lisa Murkowski of Alaska was the only Republican who voted against confirming Miran. The vote was otherwise…\n","protected":false},"author":2,"featured_media":25742,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2438,6935,3115,1643,1396,138,1853,2223,13242,127,10668,2829,14051,10053,25993,21556,19755,25994,111,139,69,25995,10665,205,16953,9939,18150,61,1865,3010,2179,9938,6123,16550],"class_list":["post-25741","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-administration","tag-adviser","tag-allowing","tag-bank","tag-banks","tag-business","tag-central","tag-confirmed","tag-confirms","tag-despite","tag-economic","tag-fed","tag-federal","tag-house","tag-independence","tag-independent","tag-join","tag-miran","tag-new-zealand","tag-newzealand","tag-nz","tag-remaining","tag-reserve","tag-role","tag-senate","tag-states","tag-stephen","tag-to","tag-today","tag-top","tag-trump","tag-united","tag-while","tag-white"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/25741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=25741"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/25741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/25742"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=25741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=25741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=25741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}