Miran Takes Fed Oath of Office in Time for Policy Gathering (1)

Stephen Miran was sworn in Tuesday as a member of the Federal Reserve’s Board of Governors, the central bank said in a statement, clearing the way for his participation in a closely watched meeting of the Fed’s rate-setting panel this week.

WATCH: Miran takes his seat on the Fed Board.

Source: Bloomberg

Miran, who was nominated by President Donald Trump to fill a term that expires Jan. 31, was confirmed by the Senate largely along party lines late Monday. He has attracted criticism from Democrats for remaining in his role as chair of the White House Council of Economic Advisers. He is taking unpaid leave from that job.

Despite the unusual arrangement, Miran has said he would act independently at the central bank based on his own analysis of the economy and economic policy.

The gathering of the Federal Open Market Committee began at 10:30 a.m. Tuesday as scheduled. Officials are expected to cut interest rates at the meeting by a quarter percentage point. That would be the first rate reduction of 2025.

Miran is attending the meeting, according to a Fed spokesperson. Also in attendance is Fed Governor Lisa Cook, who is fighting President Donald Trump’s attempt to remove her from her post at the central bank. Late Monday, an appeals courts affirmed that Cook can continue working while her lawsuit challenging Trump’s move proceeds. A White House official has said it will take the firing fight to the US Supreme Court, but didn’t immediately provide details on timing for the next phase of the high-stakes case.

--With assistance from Zoe Tillman.

To contact the reporter on this story:
Amara Omeokwe in Washington at aomeokwe@bloomberg.net

To contact the editors responsible for this story:
Christopher Condon at ccondon4@bloomberg.net

Kate Davidson

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