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The U.S. Senate has confirmed Stephen Miran, one of President Donald Trump’s top economic advisers, to serve on the Federal Reserve’s governing board in a largely partisan 48-47 vote.
The confirmation came just two days before the Fed is expected to vote on reducing its key interest rate.
Miran was approved by the Senate Banking Committee last week with all Republicans voting in favor and all Democrats opposed. Alaska Senator Lisa Murkowski was the only Republican to vote against Miran in the final Senate vote.
Miran is filling an unexpired term that ends in January, replacing Adriana Kugler who unexpectedly stepped down from the board on August 1.
His appointment breaks with traditional Federal Reserve precedent in an important way: unlike previous White House advisers who joined the Fed, including former chair Ben Bernanke who served in President George W. Bush’s administration, Miran plans to maintain his role as chair of the White House’s Council of Economic Advisers while taking unpaid leave.
Bernanke and others left their White House jobs entirely when joining the Fed board. Miran has said if he is appointed to a longer term, he would resign from his White House position.
Aaron Schwartz/Sipa USA via AP Images
Reporting from the Associated Press contributed to this article.
This is a breaking news story. Updates to follow.
