In brief
- The U.S. Senate confirmed Stephen Miran to the Federal Reserve’s Board of Governors in a 48-47 vote on Monday.
- Miran has a history of supporting deregulation and favorable views on crypto.
- The Democrats have warned of a conflict of interest with his White House role.
The U.S. Senate voted 48-47 on Monday to confirm Dr. Stephen Miran to the Board of Governors of the Federal Reserve System, ending months of wrangling over whether his appointment presents a conflict of interest.
“Dr. Miran’s confirmation is a win for the American people,” said Senate Banking Committee Chairman Tim Scott (R-S.C.). “He brings deep experience, proven leadership, and a clear commitment to ensuring the American economy remains strong and competitive. I am confident Dr. Miran will act in an independent manner.”
Miran has voiced some opinions about cryptocurrency, telling The Bitcoin Layer in December 2024 that “crypto has a big role potentially to play in innovation,” and calling financial deregulation “a powerful part” of a potential Trump administration economic boom.
Conflict of interest concerns
Miran’s nomination has raised concern among Democrats who argue that his plan to remain chair of the White House’s Council of Economic Advisers, albeit on unpaid leave, is incompatible with the Federal Reserve’s independence.
The appointment comes against the backdrop of President Donald Trump’s attempts to wield greater influence over the central bank, following his clashes with Fed leadership and his failed bid to oust Federal Reserve Board of Governors member Lisa Cook.
Sen. Elizabeth Warren (D-Mass.), the Senate Banking Committee’s ranking member, warned ahead of the vote that Trump had run a months-long campaign to turn the Fed into his “personal piggy bank” in a bid to “escape accountability for his own economic failures,” calling Miran his “puppet.”
Other Democrats echoed her concerns. Sen. Andy Kim (D-N.J.) tweeted that “the Federal Reserve cannot remain politically independent with Stephen Miran serving on its Board AND as Trump’s Chief Economic Advisor.”
Sen. Ruben Gallego (D-Ariz.) also claimed Miran was being put on the Fed to do Trump’s bidding. “He’ll do whatever helps Trump politically and leave us all with higher prices and a bad job market,” he said.
Miran will serve out a term ending Jan. 31, 2026, filling the seat vacated by Adriana Kugler, who resigned in August to return to Georgetown University.
A Harvard-trained economist, Miran worked briefly at the Treasury Department during Trump’s first term, helping craft the administration’s fiscal response to the COVID-19 recession. He is currently a fellow at the Manhattan Institute and was a senior strategist at Hudson Bay Capital, which traded claims in the FTX bankruptcy.
Miran has also been outspoken in favor of deregulation and argued that the Treasury Department under Janet Yellen had overstepped into the Fed’s traditional role.
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