As the chair of the Council of Economic Advisers, Miran is set to become the first active White House official to join the Fed’s board since its formation in the 1930s. His confirmation came after a narrow vote of 48-47 on Monday.
His appointment has sparked concerns about the potential impact on the central bank’s long-standing independence, amidst Trump’s efforts to reshape the Federal Reserve.
Miran will participate in an important Fed policy meeting this week, voting alongside 11 other members on potential interest rate cuts. The Fed is expected to decrease interest rates to bolster the struggling labor market.
Miran supports Trump’s global tariffs, maintaining that these won’t lead to inflation and that stricter immigration policies could reduce housing demand, thus lowering prices.
His confirmation process was accelerated, typically it takes months for a Fed governor nominee to be confirmed by the Senate. Senator Elizabeth Warren, a Democrat, has questioned Miran’s ability to be an independent voice on the Fed board.
Trump has repeatedly pressured the Fed for interest rate cuts to boost the economy and criticizes Fed chair Jerome Powell, calling him a “numbskull” and “too late”.
Miran’s vocal support for Trump comes amid efforts by the president to remove Fed Governor Lisa Cook, the first black woman to serve in that role, on the grounds of alleged mortgage fraud and constitutional powers.
Cook denies the allegations and has taken legal action to prevent her removal. She has been suing to block her dismissal, and has voted to maintain interest rates this year.
A US appeals court recently denied a Justice Department request to overturn a ruling that temporarily blocked Trump from removing Cook.
The Trump administration is also investigating mortgage fraud allegations against Senator Adam Schiff and New York Attorney General Letitia James, both political adversaries of the president.
Source: https://www.bbc.com/news/articles/cgrq5x97qlqo?at_medium=RSS&at_campaign=rss
