Trump's Fed Nominee Miran Advances Amid Concerns Over Central Bank Independence

Stephen Miran, President Donald Trump's nominee to the Federal Reserve Board, has taken a significant step toward confirmation. On Wednesday, the Senate Banking Committee voted 13–11 along party lines to advance his nomination to the full Senate, as reported by Reuters. All Republicans on the committee supported Miran, while all Democrats opposed him.

However, he has declined to commit to resigning from the Council if his term at the Fed extends beyond January 2026, as reported by The Washington Post. This decision has raised concerns among Democrats about the potential erosion of the Federal Reserve's independence.

Senator Elizabeth Warren has questioned discrepancies in Miran's ethics filings, particularly regarding his spouse's income from a for-profit university, East Coast Polytechnic Institute (ECPI). Miran reported $1.4 million in spousal income from ECPI in February 2025, but a subsequent filing in September reported a significantly lower amount of $457,954. Warren has called for transparency and further investigation into these discrepancies, as reported by Reuters.

Miran's nomination aims to fill the unexpired term of former Fed Governor Adriana Kugler, who resigned in January 2025. If confirmed, Miran would serve until January 2026, potentially influencing key monetary policy decisions during that period. His confirmation could also pave the way for President Trump to appoint a new Fed chair, as current Chair Jerome Powell's term is set to end in May 2026.

The Senate is expected to vote on Miran's confirmation in the coming weeks. If confirmed, he would join the Federal Reserve Board at a time of heightened scrutiny over the central bank's role in economic policy and its independence from political influence.