Stephen Miran’s nomination to the Federal Reserve Board advanced on Wednesday after the Senate Banking Committee approved it in a 13–11 vote, split strictly along party lines. Every Republican backed Stephen, every Democrat said no. The vote came just one week before the Fed is scheduled to meet to decide on interest rates, something Donald Trump has been hammering them about for months. The decision also dropped one day after a federal judge blocked Trump from removing another Fed governor, Lisa Cook, while her case against him plays out. Trump nominated Stephen, who currently chairs the Council of Economic Advisors, to fill the vacant seat left by Adriana Kugler. She suddenly stepped down in August with no public explanation. If confirmed by the full Senate, Stephen would finish out the remainder of her term, which ends January 31. That gives him just enough time to vote on the rate cut Trump has been demanding. Stephen vows unpaid leave, Democrats say not enough Stephen said he would take an unpaid leave of absence from the Council of Economic Advisors if confirmed. That didn’t satisfy Democrats. They want him to fully resign from the council before he takes up the Fed position. Trump, when announcing the nomination, said, “we will continue to search for a permanent replacement.” That means Stephen’s appointment may be temporary, but it still matters, especially with the board meeting coming up. Trump’s not holding back on what he wants from the Fed. On Truth Social, he wrote, “Just out: No Inflation!!! ‘Too Late’ must lower the RATE, BIG, right now.” He then added, “Powell is a total disaster, who doesn’t have a clue!!!” referring to Fed Chair Jerome Powell, who’s been resisting Trump’s pressure to cut rates. Cook’s lawsuit blocks removal, for now While Stephen’s nomination moves forward, Lisa is fighting to stay in her seat. Trump ordered her removal last month, claiming she committed mortgage fraud. She denies it. The case went to court, and U.S. District Judge Jia Cobb issued a ruling Tuesday that temporarily blocks the removal. Her order stops Powell and the Fed Board from doing anything to enforce Trump’s firing. Lisa’s attorney, Abbe Lowell, said the ruling “recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve from illegal political interference.” He added that taking her out “on unsubstantiated and vague allegations would endanger the stability of our financial system and undermine the rule of law.” Lisa will stay in her role while the legal fight continues. White House spokesman Kush Desai defended the firing, saying Trump acted “for cause due to credible allegations of mortgage fraud from her highly sensitive position overseeing financial institutions on the Federal Reserve Board of Governors.” He also made it clear the White House isn’t backing down, adding, “This ruling will not be the last say on the matter, and the Trump Administration will continue to work to restore accountability and confidence in the Fed.” Sign up to Bybit and start trading with $30,050 in welcome gifts
