Overview

• At a Sept. 4 Senate Banking Committee hearing, Stephen Miran pledged to make independent decisions on interest rates and monetary policy.
• He said he will take unpaid leave from his role at the White House Council of Economic Advisers rather than resign for the short term that runs through January 2026.
• Democrats led by Elizabeth Warren and Jack Reed questioned his independence and pointed to his 2024 paper advocating greater presidential oversight of the Fed.
• Republicans praised his qualifications and commitment to independence, and the expedited timetable is intended to allow potential confirmation before the next Fed policy meeting.
• The nomination comes as the administration seeks to remove Governor Lisa Cook over mortgage-fraud allegations, which she disputes in court, and the Justice Department has opened an investigation.