President Trump’s pick to join the Federal Reserve moved a step closer to joining the central bank on Wednesday, as the Senate Banking Committee advanced his nomination to the full Senate despite mounting concerns about his commitment to upholding the institution’s longstanding political independence.
The 13-11 vote could allow Mr. Miran to be in place for the Fed’s next two-day meeting, which takes place Sept. 16-17.
Mr. Miran’s journey to join the Fed has been unusual from the start.
He was tapped to fill what could be one of the shortest stints on the Board of Governors after Adriana Kugler abruptly stepped down from the Fed last month. He has moved through the confirmation process at warp speed as Republican lawmakers try to get him seated ahead of the Fed’s vote on interest rates next week. And he has been nominated against the backdrop of an all-out push by President Trump to remake the central bank’s top ranks after months of withering attacks.
But perhaps the biggest break with tradition involves Mr. Miran’s stated plans to remain tied to the White House while he serves at the Fed. Rather than resign his post advising the president on economic policy as chair of the Council of Economic Advisers, Mr. Miran said, he would instead take a unpaid leave of absence. That would enable him to return to the administration once his term at the central bank was complete.
The arrangement has raised the specter that Mr. Miran may feel beholden to Mr. Trump and unwilling to support policy actions that, while good for the economy, would be politically problematic for the president who employs him.
Mr. Miran’s decision has greatly troubled former White House officials, legal experts, economists and Democratic lawmakers, but not Senate Republicans, who are poised to advance his nomination through a committee vote as soon as Wednesday. Many experts have warned that confirming him under these circumstances could set a dangerous precedent undermining the Fed’s longstanding political independence.
Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.
Thank you for your patience while we verify access.
Already a subscriber? Log in.
Want all of The Times? Subscribe.
The post Republicans Advance Trump’s Fed Pick Despite Ties to White House appeared first on New York Times.
