U.S. Senate Confirms Trump Nominee Stephen Miran as New Fed Governor

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(Vietnam Insider) – The U.S. Senate has confirmed Stephen Miran as a member of the Federal Reserve’s Board of Governors, filling the vacancy left by Adriana Kugler, who abruptly resigned last month. The approval came during a Senate session on September 15.

Miran, currently serving as Chairman of the White House Council of Economic Advisers, will take an unpaid leave from that role while serving at the Fed. His confirmation process took less than six weeks — unusually fast compared to the months-long process typical for such appointments.

The Fed’s Board of Governors, composed of seven members, is the central body responsible for setting U.S. monetary policy, supervising banks, and safeguarding financial stability. Former President Donald Trump nominated Miran in August, shortly after Kugler’s resignation.

Policy Implications Ahead of Fed Meeting

The next Federal Reserve meeting is scheduled for September 16–17, with markets almost certain the central bank will cut interest rates by 0.25 percentage points amid signs of a weakening labor market.

However, analysts suggest Miran may dissent, pushing for a larger cut in line with Trump’s repeated calls for aggressive rate reductions of several percentage points.

Miran has also been a vocal supporter of Trump’s trade policies, particularly import tariffs, arguing they do not fuel inflation.

Rising Internal Dissent at the Fed

This year, the Fed has yet to adjust rates, but two Trump-appointed governors — Michelle Bowman and Christopher Waller — have consistently supported cuts. In July, both voted against holding rates steady, marking the first time in over three decades that multiple Fed governors dissented.

With Miran’s arrival, analysts expect the bloc of dissenters to grow. If Bowman, Waller, and Miran all push for a 50 basis-point cut instead of the widely expected 25, it would be the first time since 1988 that three Fed governors simultaneously oppose the board’s consensus decision.

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Source: Vietnam Insider