Trump's pick Stephen Miran confirmed as Fed governor

[Senate Banking Committee Holds Nomination Hearing For Stephen Miran To Join Fed Board]
Win McNamee/Getty Images News

The Senate voted to confirm Stephen Miran, President Donald Trump's top economic adviser, to the Federal Reserve's Board of Governors, on the eve of the central bank's monetary policy meeting that begins on Tuesday.

Lawmakers voted 48-47 to approve the confirmation of Miran, who will fill the seat that Adriana Kugler stepped down from last month. He will serve for the remainder of the term that expires on January 31

Miran said he plans to go on unpaid leave from Trump's Council of Economic Advisers while he serves as Fed governor. He will be the first sitting White House official to serve on the Fed's board since 1935.

This has raised concerns over potential political interference. Ahead of the vote, Senate Minority Leader Chuck Schumer (D-NY) said Miran would be "nothing more than Donald Trump's mouthpiece at the Fed."

The Senate vote came two weeks after Miran was nominated for the seat. It usually takes months for the Senate to confirm a Fed governor nominee.

Miran is set to join the Fed's two-day policy meeting, where it is widely expected to cut interest rates by 25 basis points in the backdrop of a weakening labor market.

MORE ON THE FED

* New Highs, Low Drama [https://seekingalpha.com/article/4823144-new-highs-low-drama]
* The Fed Could Break The Market [https://seekingalpha.com/article/4823036-the-fed-could-break-the-market]
* Since 1980, This Is How Rate Cuts Impact S&P 500 Near All-Time Highs [https://seekingalpha.com/article/4823076-since-1980-this-is-how-rate-cuts-impact-the-s-and-p-500-near-all-time-highs]
* Court deals Trump second loss in attempt to oust Fed's Lisa Cook [https://seekingalpha.com/news/4495079-appeals-court-deals-trump-second-loss-attempt-oust-fed-governor-lisa-cook]
* President Trump expects 'big cut' from Fed - report [https://seekingalpha.com/news/4494761-president-trump-expects-big-cut-from-fedreport]