Stephen Miran, an adviser to President Donald Trump, was sworn in on Sep. 16 as a member of the Federal Reserve’s Board of Governors, just hours before the central bank began a key policy meeting on interest rates.
The Federal Reserve confirmed Miran’s appointment in a statement following his Senate confirmation late Monday. His arrival makes him one of 12 voting members of the Federal Open Market Committee (FOMC), which sets US interest rates.
The two-day FOMC meeting began shortly after Miran took the oath amid continued pressure from Trump to lower borrowing costs to support consumer spending and investment.
Miran’s narrow Senate confirmation has raised concerns about potential political influence on the traditionally independent central bank. The president has repeatedly urged Fed Chair Jerome Powell to implement deeper rate reductions.
Miran holds a single vote on the committee, and it remains unclear whether he will push for the larger cuts Trump has demanded.
His appointment also coincides with Trump’s efforts to remove Fed Governor Lisa Cook, whom he has accused of mortgage fraud. Cook has said she will challenge the effort in court.
These developments add to uncertainty around the Fed’s policy outlook as it weighs slowing labor market conditions against ongoing inflation pressures.