Stephen Miran, a top White House economic adviser, cleared a U.S. Senate hurdle on Wednesday that moves him closer to becoming a Federal Reserve governor, furthering President Donald Trump’s effort to exert more direct control over interest rate policy and the central bank’s broader role.
Members of the Senate Banking Committee voted 13-11 in a party-line vote to send Miran’s nomination to the full Republican-controlled Senate for consideration. All Democrats on the panel voted against while all Republicans voted in favor.
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Lawmakers involved in the process say it is far from certain if the rest of the confirmation process can be completed in time for Miran to participate in the Fed’s September 16-17 policy meeting.
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