Senate Banking Committee Advances Trump's Top Economist to Fed Board of Governors

Strategic Insights -

The Senate Banking Committee has voted 13-11 to advance Stephen Miran, chair of the White House Council of Economic Advisers, to a spot on the Federal Reserve board of governors. Miran's nomination now heads to the full Senate, where it is expected to be confirmed along a partisan margin. Democrats have expressed concerns that Miran's appointment could threaten the Fed's independence, as he has ties to President Trump and has been a key architect of the administration's economic policies.

Key Takeaways:

  • Stephen Miran, chair of the White House Council of Economic Advisers, has been advanced to the Federal Reserve board of governors after a Senate Banking Committee vote.
  • Miran's nomination was approved 13-11, with all Republican members supporting him and all Democrats opposing him.
  • The Harvard-trained Miran has previously been confirmed by the Senate to chair the White House CEA and has sought to make the analytical case for Trump's major changes to global trade and taxation.
  • Democrats are concerned that Miran's appointment could threaten the Fed's independence, as he has ties to President Trump and has been a key architect of the administration's economic policies.
  • Miran has insisted that he will make decisions based only on his personal analysis of the economy, but Senate Democrats say his refusal to resign from the White House if confirmed to a short-term Fed stint and his unwillingness to acknowledge Trump's 2020 election defeat were clear signs of his lack of independence.
  • Sen. Elizabeth Warren (D-Mass.) has stated that Miran would be the "first admitted election denier to sit on the [Fed] board."

Statistics:

  • 13-11: The vote by which the Senate Banking Committee advanced Stephen Miran's nomination to the Federal Reserve board of governors.
  • 2020: The year in which President Trump's election defeated was refused to be acknowledged by Miran.
  • 1: The term of the Fed board of governors that Miran will serve, set to expire in January.
  • 1: The number of times that Miran has been confirmed by the Senate, previously as chair of the White House CEA.

Sources:

  • "Senate Banking Committee advances Trump's top economist to Fed board" by Sylvan Lane, reporting for The Hill.