{"id":13361,"date":"2025-09-17T07:22:39","date_gmt":"2025-09-17T07:22:39","guid":{"rendered":"https:\/\/bluelightnews.com\/category\/politics\/senate-approves-white-house-economist-to-serve-on-federal-reserve-board\/"},"modified":"2025-09-17T07:22:39","modified_gmt":"2025-09-17T07:22:39","slug":"senate-approves-white-house-economist-to-serve-on-federal-reserve-board","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/senate-approves-white-house-economist-to-serve-on-federal-reserve-board\/","title":{"rendered":"Senate approves White House economist to serve on Federal Reserve board"},"content":{"rendered":"<div xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n<div>\n<div><a href=\"https:\/\/apnews.com\/author\/christopher-rugaber\">             <picture data-crop=\"60x60\"><source type=\"image\/webp\" width=\"60\" height=\"60\"><source width=\"60\" height=\"60\"><img decoding=\"async\" width=\"60\" height=\"60\" src=\"https:\/\/dims.apnews.com\/dims4\/default\/a7c54b1\/2147483647\/strip\/true\/crop\/1383x1383+0+237\/resize\/60x60!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2Fe0%2F67%2F42a7dc2f412da33e0899bfc535ea%2Fheadshot-chris-rugaber.jpg\" loading=\"lazy\"><\/source><\/source><\/picture><\/a><\/div>\n<div>\n<p>                                <bsp-timestamp data-timestamp=\"1757983887000\" data-recent-thresholdinhours=\"1\">                    <template data-date-tpl>Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]<\/template>                    <span data-date><\/span>                <\/bsp-timestamp>            <\/p>\n<\/p><\/div>\n<\/div>\n<p>                                        <bsp-page-actions>                            <\/bsp-page-actions>                                                                                            <\/div>\n<div>\n<p>WASHINGTON (AP) &mdash; The Senate has approved one of President Donald Trump&rsquo;s top economic advisers for a seat on the Federal Reserve&rsquo;s governing board, giving the White House greater influence over the central bank just two days before <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/federal-reserve-inflation-jobs-rates-trump-powell-164fdc130275c0df17562273e1042bfe\">it is expected to vote in favor<\/a><\/span>  of reducing its key interest rate. <\/p>\n<p>The vote to confirm Stephen Miran was largely along party lines, 48-47. He was approved by the Senate Banking Committee <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/federal-reserve-trump-miran-ab949527f5e3996a260397221d9449fc\">last week<\/a><\/span>  with all Republicans voting in favor and all Democrats opposed. <\/p>\n<p>Miran&rsquo;s nomination has sparked concerns about the Fed&rsquo;s longtime independence from day-to-day politics after he said during <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/federal-reserve-trump-miran-independence-powell-4b1e7a52e6f943de392a32b1ae10a5d7\">a committee hearing earlier this month<\/a><\/span>  that he would keep his job as chair of the White House&rsquo;s Council of Economic Advisers, though would take unpaid leave. Senate Democrats have said such an approach is incompatible with an independent Fed. <\/p>\n<p>Senate Democratic Leader Chuck Schumer said ahead of the vote that Miran &ldquo;has no independence&rdquo; and would be &ldquo;nothing more than Donald Trump&rsquo;s mouthpiece at the Fed.&rdquo; <\/p>\n<p>The vote was along party lines, with Alaska Sen. Lisa Murkowski the only Republican to vote against Miran. <\/p>\n<p>Miran is completing an unexpired term that ends in January, after Adriana Kugler <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/fed-reserve-trump-kugler-powell-332a2e185ca8bbe695c78b0c5a1eb73b\">unexpectedly stepped down<\/a><\/span>  from the board Aug. 1. He said if he is appointed to a longer term he would resign from his White House job. Previous presidents have appointed advisers to the Fed, including former chair Ben Bernanke, who served in president George W. Bush&rsquo;s administration. But Bernanke and others left their White House jobs when joining the board. <\/p>\n<p>Miran said during his Sept. 4 hearing that, if confirmed, &ldquo;I will act independently, as the Federal Reserve always does, based on my own personal analysis of economic data.&rdquo;<\/p>\n<p>Last year, Miran criticized what he called the &ldquo;revolving door&rdquo; of officials between the White House and the Fed, in <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/manhattan.institute\/article\/reform-the-federal-reserves-governance-to-deliver-better-monetary-outcomes\" target=\"_blank\" rel=\"noopener\">a paper he co-wrote<\/a><\/span>  with Daniel Katz for the conservative Manhattan Institute. Katz is now chief of staff at the Treasury Department. <\/p>\n<p>Miran&rsquo;s approval arrives as Trump&rsquo;s efforts to shape the Fed have been <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/trump-cook-federal-reserve-93c8ca370be995324cd4c535ef486b02\">dealt a setback<\/a><\/span>  elsewhere. He has sought to <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/federal-reserve-lisa-cook-trump-6fca3d2fbb54ba204cc91398e6a7b020\">fire Fed governor Lisa Cook<\/a><\/span>who was appointed by former President Joe Biden to a term that ends in 2038. Cook <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/federal-reserve-cook-trump-308f2e6ac04f62643d96b8347d5b2417\">sued to block<\/a><\/span>  the firing and won a first round in federal court, after a judge ruled the Trump administration did not have proper cause to remove her. <\/p>\n<p>The administration appealed the ruling, but an appeals court rejected that request late Monday. <\/p>\n<p>Members of the Fed&rsquo;s board vote on all its interest rate decisions, and also oversee the nation&rsquo;s financial system. <\/p>\n<p>The jockeying around the Fed is occurring as the economy is entering an uncertain and difficult period. Inflation <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/inflation-consumer-prices-jerome-powell-fed-interest-rates-7956da9c097730929b12c269f8c08399\">remains stubbornly<\/a><\/span>  above the central bank&rsquo;s 2% target, though it hasn&rsquo;t risen as much as many economists feared when Trump <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933\">first imposed sweeping tariffs<\/a><\/span>  on nearly all imports. The Fed typically would raise borrowing costs, or at least keep them elevated, to combat worsening inflation.<\/p>\n<p>At the same time, hiring has <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/jobs-economy-unemployment-trump-firing-f686eab61f7d6b702ca10b12b0250498\">weakened considerably<\/a><\/span>  and the unemployment rate rose last month to a still-low 4.3%. The central bank often takes the opposite approach when unemployment rises, cutting rates to spur more borrowing, spending and growth.<\/p>\n<p>Economists forecast the Fed will reduce its key rate after its two-day meeting ends Wednesday, to about 4.1% from 4.3%. Trump has demanded much deeper cuts. <\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/apnews.com\/article\/federal-reserve-miran-trump-70a09bdf2e10839f35e1596cafe5c415\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] WASHINGTON (AP) &mdash; The Senate has approved one of President Donald Trump&rsquo;s top economic advisers for a seat on the Federal Reserve&rsquo;s governing board, giving the White House greater influence over the central bank just two days before it is expected to vote in favor of reducing its [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":13362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trump"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/13361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=13361"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/13361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media\/13362"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=13361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=13361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=13361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}