Senate Banking Committee Advances Stephen Miran’s Nomination
The US Senate Banking Committee has moved forward with the nomination of Stephen Miran for a temporary role on the Federal Reserve Board of Governors, following the resignation of another member in August.
During a meeting on Wednesday, the banking committee voted along party lines, with a tally of 13 to 11, to send Miran’s nomination to the full Senate for consideration. All Democrats opposed the prospective Fed governor, while the majority of Republicans supported the nomination.
Miran, who was appointed by President Donald Trump to lead the Council of Economic Advisors in December, indicated during a hearing last week that he would not resign from his advisory role in the White House if his term as a Fed governor extended beyond January. If confirmed, he would assume the position left vacant by Fed member Adriana Kugler, whose term ends on Jan. 31.
The prospective Fed governor mentioned in a December interview that “crypto has a big role potentially to play in innovation,” but he has not publicly commented significantly on digital assets or blockchain since joining the Trump administration. At the time of this report, it remained unclear when the Senate would vote on his nomination.
The progress of Miran’s nomination coincided with Trump’s efforts to oust another Fed governor, which have faced legal challenges regarding independent government agencies. In a letter dated August 25, the president called for Fed governor Lisa Cook’s “immediate removal from office,” citing allegations of mortgage fraud.
Cook contested her dismissal and has taken the matter to court. This past Tuesday, a District of Columbia federal judge issued a block on Trump’s order, stating that the president had failed to provide sufficient grounds to remove the Fed governor. The administration submitted a notice of appeal on Wednesday.
In October, the Federal Reserve is set to host a conference to examine topics related to payments, including stablecoins and tokenization.
