The Senate Banking Committee voted along party lines Wednesday, 13-11, to advance the nomination of Stephen Miran for a seat on the Federal Reserve as Democrats warned that his potential conflicts of interest will trail him to a floor vote.
Miran was nominated by President Donald Trump to fill out the last four months of former Fed Governor Adriana Kugler’s term. Miran is currently chairman of the Council of Economic Advisers and said during a hearing last week that he would not resign from his CEA post but rather take an unpaid leave of absence if he were confirmed for the Fed role.
Democrats said Miran wouldn’t be independent of the White House when voting on interest rates. Trump has been pressuring Fed Chair Jerome Powell to lower rates.
