"Miran's nomination has sparked concerns about the Fed's longtime independence from day-to-day politics after he said during a committee hearing earlier this month that he would keep his job as chair of the White House's Council of Economic Advisers, though would take unpaid leave. Senate Democrats have said such an approach is incompatible with an independent Fed."
"Miran is completing an unexpired term that ends in January, after Adriana Kugler unexpectedly stepped down from the board Aug. 1. He said if he is appointed to a longer term he would resign from his White House job. Previous presidents have appointed advisers to the Fed, including former chair Ben Bernanke, who served in president George W. Bush's administration. But Bernanke and others left their White House jobs when joining the board."
The Senate confirmed Stephen Miran 48-47 to the Federal Reserve's governing board, with Alaska Sen. Lisa Murkowski the only Republican opposing. The Senate Banking Committee had approved him with all Republicans in favor and all Democrats opposed. Miran said he would keep his chairmanship of the White House Council of Economic Advisers while taking unpaid leave, prompting concerns about day-to-day political influence over the Fed. Senate Democrats said he lacks independence and could act as the president's mouthpiece. Miran will complete an unexpired term through January and said he would resign from the White House if appointed to a full term.
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