"It was a lightning-fast confirmation process, aimed at installing Miran before the much-scrutinized policy meeting that starts Tuesday morning and concludes Wednesday. It has been just over five weeks since Trump nominated Miran to the Fed board, after Biden appointee Adriana Kugler unexpectedly resigned. The term is set to expire in January, though Miran could occupy the slot for longer if another appointee is not confirmed by then."
""I have received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers," Miran said at a hearing earlier this month. "Considering the term for which I'm being nominated is a little bit more than four months, that is what I will be taking," Miran added. Miran has been critical of what he describes as a revolving door between the White House and the Fed."
"What to watch: Miran's confirmation comes hours before the Fed begins its policy meeting. The policy-setting Federal Open Market Committee is expected to cut rates for the first time this year on Wednesday, though only by a quarter-percentage point - not the massive amount Trump has demanded. Between the lines: During his confirmation hearing, Miran said no one at the White House made him commit to lower interest rates. Still, Miran might defy the norms of a typical Fed governor."
The Senate confirmed Miran to the Federal Reserve board by a 48-47 vote with one Republican joining Democrats in opposition. Miran was nominated by President Trump just over five weeks earlier after Adriana Kugler resigned, and the term expires in January though he could remain if no successor is confirmed. Miran will go on unpaid leave from his White House role as Council of Economic Advisers chair, citing counsel advice, a move that drew Democratic uproar. The Fed is set to meet and likely cut rates by a quarter-point, but Miran has signaled potential dissent and criticized Fed groupthink.
Read at Axios
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