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The Senate Banking Committee voted along party lines Wednesday to advance President Donald Trump’s nomination of Stephen Miran to serve as a Federal Reserve governor, bringing him one step closer to a full Senate confirmation. The 13-11 vote comes amid heightened tensions over the central bank and ongoing legal battles over board appointments.

Committee Approval and Political Divide

Miran, currently chair of the White House Council of Economic Advisors, was nominated to fill the seat left unexpectedly vacant by Adriana Kugler, who resigned in August for undisclosed reasons. Every Republican on the Banking Committee supported advancing Miran’s nomination, while all Democrats opposed it, citing concerns over his simultaneous role at the White House council.

If confirmed, Miran would serve the remainder of Kugler’s term, which expires on January 31, 2026. He has pledged to take an unpaid leave from the Council of Economic Advisors while serving at the Fed, though Democrats have pushed for a full resignation to prevent potential conflicts of interest.

Legal and Judicial Developments

The committee vote comes one day after a federal judge temporarily blocked Trump from removing another Fed governor, Lisa Cook, who is challenging her firing in court. Trump has alleged that Cook committed mortgage fraud, a claim she denies. The outcome of her lawsuit could affect Trump’s ability to nominate additional Fed governors, potentially giving him influence over a majority of the board.

Timing and Economic Implications

The nomination advancement coincides with a critical period for the Federal Reserve. The Fed is scheduled to meet next week to discuss possible interest rate cuts, a move long demanded by Trump. On social media, Trump criticized Chairman Jerome Powell, calling him a “total disaster” and demanding immediate rate reductions, writing, “Just out: No Inflation!!! Too Late must lower the RATE, BIG, right now.”

Miran’s confirmation could influence Fed policy discussions in the short term, especially as markets watch closely for any signals on interest rates. His economic expertise, gained through years on the Council of Economic Advisors, positions him as a knowledgeable voice on monetary policy, though partisan divides may shape the confirmation process in the full Senate.

Next Steps

With committee approval secured, Miran’s nomination now moves to the full Senate for a final vote. Trump has indicated that he intends to continue searching for a permanent Fed replacement for a full 14-year term, leaving open the possibility of additional nominations depending on board developments.

Analysts note that if Miran is confirmed and Cook’s lawsuit is resolved in Trump’s favor, the president could substantially reshape the Federal Reserve’s board, potentially influencing U.S. monetary policy for years to come.