The Senate confirms that Miran, as the ruler of the Federal Reserve, immediately before the policy meeting

The vote was to confirm Stephen Miran to the party’s lines, 48-47. It was approved by the Senate Banking Committee Last week With all Republicans voting in their favor and opposing all Democrats.

Miran’s nomination raised concerns about the independence of the federal reserve for a long time of daily policy after he said during A committee hearing earlier this month He will maintain his job as head of the Economic House of Economists at the White House, although it will take an unpaid vacation. The Senate Democrats said that such an approach is not compatible with the Independent Federal Reserve.

Senate Democratic leader Chuck Schumer said before the vote that Miran “has no independence” and will be “more than the tongue of Donald Trump at the Federal Reserve.”

The party’s vote was with the Senator Lisa Morkovsky in the only Republican Republican Alaska to Miran.

Miran completes an endless period ending in January, after Adriana Cogler Unexpectedly stepped down From the Board of Directors on August 1. He said if he is appointed in the long run, he will resign from his job in the White House. Former presidents appointed consultants in the Federal Reserve, including former President Ben Bernanck, who served in the administration of President George W. Bush. But Bernanak and others left the White House jobs when joining the council.

“I will act independently, as the federal reserve always does, based on my personal analysis of economic data.”

Last year, Miran criticized what he called the “rotating door” of the officials between the White House and FED, in Paper participated in writing it With Daniel Katz for the Conservative Manhattan Institute. Katz is now the chief of staff at the Treasury.

Miran’s approval is that Trump’s efforts to form a federal reserve was I dealt with a setback elsewhere. He sought to Lisa Cook Governor Governor Lisa CookWho was appointed by former President Joe Biden in a period ending in 2038. Cook A lawsuit against the embargo The shooting won the first round of the Federal Court, after the judge decided that the Trump administration had no appropriate reason to remove it.

The administration appealed the ruling, but the Court of Appeal rejected this request late Monday.

Members of the Federal Reserve Council vote on all interest rate decisions, and they also supervise the nation’s financial system.

Jazzat occurs around the Federal Reserve because the economy enters an unconfirmed and difficult period. Economic inflation Still stubbornly The central bank’s goal is 2 % above, although it did not rise as much as many economists feared when Trump It was imposed on the first customs duties On almost all imports. The Federal Reserve usually raises borrowing costs, or at least to keep them high, to combat degradation inflation.

At the same time, the employment was Largely The unemployment rate last month increased to 4.3 % still. The central bank often follows the opposite approach when unemployment rises, which reduces rates to stimulate more borrowing, spending and growth.

Economists expect the Federal Reserve to reduce its main rate after its two -day meeting ended on Wednesday, to about 4.1 % of 4.3 %. Trump has demanded much deeper discounts.

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