"Senate Republicans voted on Monday to confirm a senior Trump official to the Federal Reserve's board of governors as the White House raced to strengthen the US president's control over the central bank ahead of its latest meeting. Hours before Fed policymakers convene for their September decision on interest rates, the Senate voted 48 to 27 to confirm Stephen Miran already chair of Donald Trump's council of economic advisers as a governor."
"The vote concluded just as a US appeals court declined the Trump administration's request to fire Lisa Cook, a governor appointed by Joe Biden, before the two-day policy meeting begins on Tuesday. The ruling from the US court of appeals for the District of Columbia Circuit means that Cook may remain in her position during the policy meeting where the Fed is expected to cut interest rates."
"Miran's appointment marks the first time in the history of the modern Federal Reserve, which stretches back almost a century, that a sitting member of the executive branch would also work at the highest levels of the central bank. As US edges closer to stagflation, economists blame Trump policies Trump has made no secret of his plans to influence the Fed, calling into question the future of its longstanding independence from political oversight by publicly describing plans to swiftly build a majority on its board."
Senate Republicans confirmed Stephen Miran, chair of Donald Trump's council of economic advisers, to the Federal Reserve's board by a 48 to 27 vote. A US appeals court denied the administration's request to remove Lisa Cook, allowing her to remain during the two-day policy meeting. The Fed is expected to cut interest rates at that meeting. Miran's appointment is the first time a sitting executive-branch member would also serve at the highest levels of the modern Federal Reserve. Trump has openly sought to build a board majority and pressured the Fed for rate cuts amid worrying economic signs.
Read at www.theguardian.com
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