Trump Pick Miran Is on Track for Confirmation Before Fed Meeting
The Republican-led US Senate is likely to meet the ambitious target outlined by the Trump administration to fast-track Stephen Miran’s Federal Reserve confirmation before the central bank’s September rate-setting meeting, barring any procedural glitches or unexpected opposition.
Democrats privately acknowledge they can’t block Miran’s ascension on their own, and under the rules they can only hold it up briefly in the Banking Committee after a hearing expected next week, and for a few days on the Senate floor. The timing of the hearing has yet to be announced.
President Donald Trump appointed Miran, a close adviser, to fill the last few months of a term unexpectedly vacated by Fed Governor Adriana Kugler. Miran has already gone through the Senate once this year — no Republicans voted against him when he was confirmed as chair of the Council of Economic Advisers on a party-line 53-46 vote.
Even as Democrats lack the votes to stymie his nomination, Miran can expect a grilling over Trump’s move to fire Fed Governor Lisa Cook and efforts to bully the bank into lowering interest rates, as well as the administration’s other economic policies.
He could also face questions from Republicans on the panel who have defended Fed independence in the past, including Senator John Kennedy of Louisiana, who has defended Fed Chair Jerome Powell amid an onslaught of criticism.
Senate Majority Leader John Thune has generally followed the White House’s lead on making a priority of nomination votes, and administration officials including Treasury Secretary Scott Bessent have said they want Miran confirmed before the Sept. 16-17 Federal Open Market Committee meeting.
Trump, who can afford to lose three Republican votes on the Senate floor, has largely been successful in getting even his most controversial nominees through the chamber.
Source : Bloomberg
