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Stephen Miran, a prominent economic adviser to the White House, has passed an important hurdle towards becoming a Federal Reserve governor. The U.S. Senate Banking Committee endorsed Miran’s candidacy in a vote on Wednesday. This development brings President Donald Trump’s effort to exert more direct control over the Federal Reserve’s policy and its more expansive role a step closer to fruition.
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Reports from the Senate indicate that the vote fell strictly along party lines, with the members of the Senate Banking Committee voting 13-11 to send Miran’s nomination to the full Senate. The Republicans, who hold the majority, voted in favor, while the Democrats, forming the minority, voted against.
The significance becomes clear when we consider the potential impact of this decision on the central bank’s policy meetings. While the endorsement of the committee moves Miran’s nomination forward, lawmakers involved in the process suggest that it is far from certain if the confirmation process can be completed in time for Miran to participate in the Federal Reserve’s policy meeting set for September 16-17.
The facts suggest that Stephen Miran’s journey to becoming a Federal Reserve governor is progressing, albeit with potential speed bumps in the road.
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