The Senate confirms Miran as the Fed governor just before the political meeting

The vote to confirm Stephen Miran was largely in the party lines, 48-47. Last week, it was approved by the senatoric banking committee with all the Republicans voting in favor and all the Democrats opposed.

The appointment of Miran aroused concerns about the long-standing independence of the Fed of daily policy after having declared during a committee hearing earlier this month that he would keep his job to the president of the Blank House’s economic advisers, but would take unpaid leave. The Democrats of the Senate said that such an approach was incompatible with an independent Fed.

The Senate Democrat, Chuck Schumer, said before the vote that Miran “has no independence” and would be “nothing more than Donald Trump’s mouth at the Fed”.

The vote was along the party, with the senator from Alaska, Lisa Murkowski, the only republican to vote against Miran.

Miran ends an unprken mandate which ends in January, after Adriana Kugler resigned unexpectedly from the board of directors on August 1. He said that if he was appointed to a longer term term, he would resign from his job in the White House. The former presidents appointed advisers to the Fed, including former President Ben Bernanke, who served in the administration of President George W. Bush. But Bernanke and others left their jobs at the White House when they join the board of directors.

Miran said at its hearing of September 4 that, if it was confirmed, “I will independently act, as the federal reserve always does, on the basis of my own personal analysis of economic data.”

Last year, Miran criticized what he called the “rotating door” of officials between the White House and the Fed, in an article he co-written with Daniel Katz for the Conservative Manhattan Institute. Katz is now chief of staff to the Treasury Department.

Miran’s approval is coming as Trump’s efforts to shape the Fed were donated elsewhere. He sought to dismiss the governor of the Fed, Lisa Cook, who was appointed by former president Joe Biden to a mandate in 2038. Cook continued to block the dismissal and won a first round before the Federal Court, after a judge said that the Trump administration had no appropriate cause to withdraw it.

The administration appealed the decision, but a court of appeal rejected this request on Monday evening.

The members of the Fed board of directors vote on all its interest rate decisions and also supervise the country’s financial system.

Jockeying around the Fed occurs while the economy enters an uncertain and difficult period. Inflation remains stubbornly above the target of 2% of the central bank, although it has not increased as much as many economists feared when Trump imposed for the first time scanning prices at almost all imports. The Fed would generally increase borrowing costs, or at least keep them high, to combat the aggravation of inflation.

At the same time, hiring has been considerably weakened and the unemployment rate increased last month to 4.3%. The central bank often adopts the opposite approach when unemployment increases, reducing rates to stimulate more loans, expenditure and growth.

Economists predict that the Fed will reduce its key rate after the end of its two -day meeting on Wednesday, at around 4.1% against 4.3%. Trump demanded much deeper cuts.

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