The U.S. Senate has officially confirmed Stephen Miran as President Trump’s new nominee to the Federal Reserve Board.
The announcement was made following an incredibly tight 48-47 vote on Monday evening.
Miran is now poised to cast a key vote at this week’s central bank policy meeting on Tuesday and Wednesday, during which The Fed is widely anticipated to lower its benchmark interest rate for the first time this year by a quarter percentage point.
The decision comes just a day after an appeals court denied Trump’s effort to remove Fed governor Lisa Cook from her position.
Following rejection through appeals, the Trump administration is likely to seek involvement from the Supreme Court at the last minute in an effort to influence the Fed board.
Miran took over from former Fed governor Adriana Kugler, who left the Fed in August.
By CEO NA Editorial Staff
