The Senate Banking Committee voted 13-11 today to advance the nomination of economist Stephen Miran for an open seat on the Federal Reserve board.
Miran is currently chair of the Council of Economic Advisers. President Trump nominated Miran to fill a board seat previously held by former Fed Governor Adriana Kugler, who stepped down last month. If confirmed by the Senate, Miran will serve out the remainder of Kugler’s term, which ends early next year.
Committee Democrats were critical of Miran’s decision to take an unpaid temporary leave from the economic advisory council rather than step down, saying he would remain an administration employee and therefore wouldn’t be truly independent while serving on the Fed board. Committee Republicans pointed to his experience: Miran holds a Ph.D. in economics from Harvard University and previously was a senior advisor for economic strategy at the Treasury Department.
