US President Donald Trump’s another pick, Stephen Miran, got Senate approval after close voting.
According to BBC, President Trump’s top economic advisor, Miran, is all set to become the first sitting White House official to join the Federal Reserve board since its creation in the 1930s after the US Senate cleared him on Monday, September 15.
The chair of the Council of Economic Advisers was narrowly confirmed with a 48-47 vote, with Senator Lisa Murkowski of Alaska the only Republican who joined Democrats to vote against Miran.
The economist’s confirmation to the federal board that is responsible for deciding the interest rate of the United States has sparked concerns about the longstanding independence of the central bank amid the Republican president’s effort to influence the Federal Reserve's direction.
After getting Senate approval, Miran will now participate in the Federal Reserve’s key policy meeting this week to take crucial interest rate decisions. He will be one of the 12 voting members in the board that will likely approve a quarter-percentage point rate cut for the weakening labour market.
It is worth noting that Trump is advocating for a substantial reduction and a large interest rate cut.
Furthermore, just after Miran’s approval, the US appeal court rejected the Trump administration's bid to fire Federal Reserve Governor Lisa Cook, who was appointed by Joe Biden until 2038, before the two-day policy meeting.