Stephen Miran, President Donald Trump's nominee to the Federal Reserve Board, has taken a significant step toward confirmation. On Wednesday, the Senate Banking Committee voted 13–11 along party lines to advance his nomination to the full Senate, as reported by Reuters. All Republicans on the committee supported Miran, while all Democrats opposed him.
However, he has declined to commit to resigning from the Council if his term at the Fed extends beyond January 2026, as reported by The Washington Post. This decision has raised concerns among Democrats about the potential erosion of the Federal Reserve's independence.
