Senate Approves Dr. Stephen Miran’s Nomination
In a closely contested decision, the U.S. Senate approved the nomination of Dr. Stephen Miran to the Federal Reserve Board of Governors, with the vote concluding at 48 to 47. This confirmation follows a contentious period filled with debates regarding potential conflicts of interest surrounding his appointment.
Support and Concerns
Senate Banking Committee Chairman Tim Scott, a Republican from South Carolina, praised Miran’s confirmation as a significant benefit for Americans, highlighting his extensive experience and dedication to fostering a robust and competitive economy. Scott expressed confidence in Miran’s ability to work independently within the Federal Reserve.
Dr. Miran, who has openly discussed the potential of cryptocurrency in economic innovation, indicated in an interview with The Bitcoin Layer in December 2024 that he sees a promising future for digital currencies.
He also suggested that financial deregulation could be a critical element in rejuvenating the economy if the Trump administration were to return to power.
Democratic Opposition
However, his nomination sparked apprehension among Democratic senators, particularly regarding his intention to keep his position as chair of the White House Council of Economic Advisers, even while on unpaid leave. Critics argue that this dual role raises serious questions about the independence of the Federal Reserve. Senator Elizabeth Warren from Massachusetts, the committee’s ranking Democrat, cautioned that President Donald Trump has been attempting to convert the Fed into a tool for his political advantage, labeling Miran as a “puppet” of the President.
Sensing the gravity of the situation, Senator Andy Kim from New Jersey took to Twitter to voice concerns that Miran’s involvement with both the Federal Reserve and his advisory role to Trump jeopardizes the Fed’s political neutrality. Similarly, Senator Ruben Gallego from Arizona argued that Miran would prioritize Trump’s interests which could inadvertently lead to economic consequences like inflation and a struggling job market.
Background and Experience
Miran is set to occupy a seat that will expire on January 31, 2026, recently vacated by Adriana Kugler, who exited to return to her position at Georgetown University. He brings a wealth of knowledge as a Harvard-educated economist with past experience at the Treasury Department during Trump’s initial term, where he contributed to the financial strategies aimed at mitigating the recession caused by COVID-19.
Currently, he is affiliated as a fellow with the Manhattan Institute and has previously worked as a senior strategist at Hudson Bay Capital, undertaking significant roles in the FTX bankruptcy proceedings, further solidifying his views in favor of deregulation, which he has argued encroaches upon the traditional domain of the Federal Reserve.
