"The Senate is set to vote Monday night to fill a vacancy on the Federal Reserve Board, the seven-member body that sets the nation's monetary policy and has found itself increasingly under attack by President Trump. Trump has long pressured the Fed to lower interest rates, and in July floated the idea of firing Federal Reserve Chairman Jerome Powell whom he has attacked as a "knucklehead" and "numbskull" for not doing so."
"He quickly nominated Stephen Miran, one of his top economic advisers, to finish the remainder of her term, which runs through January 2026. At a Senate Banking Committee hearing earlier this month, Miran said that he would not resign his position as chair of the White House Council of Economic Advisers if he were confirmed to the role, but would take an unpaid leave of absence."
""Right now, the banking committee should be investigating the president's direct attacks on that independence, not pretending that it's business as usual," Sen. Elizabeth Warren, D-Mass., the committee's highest-ranking Democrat, told NPR in September. The committee ultimately voted 13-11 along party lines to advance Miran's nomination to the full Senate. If confirmed, as expected, Miran would join the Fed in time for its highly anticipated two-day meeting on interest rates, which begins Tuesday."
The Senate will vote Monday night to fill a vacancy on the seven-member Federal Reserve Board. President Trump has pressured the Fed to lower interest rates and attacked Chairman Jerome Powell. Trump attempted to remove governor Lisa Cook, but a federal judge temporarily blocked the move. Fed governor Adriana Kugler unexpectedly resigned, creating the vacancy. Trump nominated Stephen Miran to complete the term through January 2026. Miran said he would take an unpaid leave from his White House CEA role if confirmed; some past writings calling for reduced Fed independence concerned Democrats. The Senate Banking Committee advanced the nomination 13-11.
Read at www.npr.org
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