WASHINGTON — The Senate voted Monday night to confirm Stephen Miran to the Federal Reserve Board, bringing it a step closer to President Donald Trump's vision as he pressures the central bank to lower interest rates.
He was confirmed in a 48-47 vote. Sen. Lisa Murkowski, R-Alaska, was the only Republican to vote against him. No Democrats crossed the aisle.
Miran, who is the chairman of the White House’s Council of Economic Advisers, has drawn criticism from Democrats over his past attacks on the Federal Reserve and for saying he plans to take an unpaid leave of absence from his White House role instead of resigning.
Miran has also staunchly defended Trump’s tariffs, arguing in August that “doom and gloom” expectation from tariffs “just hasn’t panned out.”
Trump has repeatedly criticized the central bank for not lowering interest rates as he would like. He has frequently slammed Fed Chair Jerome Powell as "too late," despite having appointed Powell during his first term. Powell's term is set to expire next year.
Trump reiterated those criticisms just hours before the Senate's vote, demanding in an all-caps post on Truth Social that Powell "must cut interest rates, now, and bigger than he had in mind."
The Fed’s policy-setting committee is expected to announce a rate cut Wednesday afternoon after its two-day meeting. Depending on when Miran is sworn in, he could participate in Tuesday’s meeting.
Miran was confirmed to fill the remaining few months of former Fed Gov. Adriana Kugler's 14-year term, which was set to end in January. Kugler announced her resignation in August, saying she would return to Georgetown University as a professor.
It is unclear whether Trump will ultimately nominate Miran again for a full term. In a post on to Truth Social last month announcing Miran's nomination, he said that "in the meantime, we will continue to search for a permanent replacement."
Trump has also tried to fire Federal Reserve governor Lisa Cook over allegations of mortgage fraud, which she denies. A judge temporarily blocked the firing as legal proceedings continue.
Documents obtained by NBC News appear to contradict the fraud claims because Cook listed her Atlanta property in financial forms as a vacation home. She had been accused of trying to pass off the property as her primary residence for financial gain.
