Stephen Miran just took the oath of office, filling the last vacancy as a Fed Governor. His speedy confirmation will allow him to participate in the FOMC meeting.
Despite President Trump’s setbacks in trying to fire Lisa Cook, this new appointment is a victory. Interest rate cuts seem even more likely, thanks to this new Trump-aligned addition.
A New Fed Governor
The FOMC is meeting today and tomorrow, and the whole crypto industry is excited about rate cuts. Ever since Fed Chair Jerome Powell signaled his intention to cut US interest rates, markets have been anticipating favorable news.
Still, it doesn’t hurt to stack the odds, and there’s a new Fed Governor starting today:
“Dr. Stephen I. Miran took the oath of office as a member of the Board of Governors of the Federal Reserve System on Tuesday. President Trump nominated Dr. Miran on September 2, 2025, and he was confirmed by the United States Senate on September 15,” the Federal Reserve’s website claims.
This new Fed Governor is something of a special case. Traditionally, the seven Governors are appointed for 14-year terms, but Miran’s will end on January 31, 2026. He is replacing Adriana Kugler, who resigned under mysterious circumstances last month, so Miran will have a very short tenure.
Federal Reserve Independence in Question?
Miran’s appointment represents another piece in President Trump’s ongoing fight to end the Fed’s independence. He recently attempted to fire Lisa Cook, one Fed Governor, although this has been unsuccessful so far.
Cook is attending the ongoing FOMC meeting, even if Trump is still appealing his bid to fire her. Even if Trump can’t keep Lisa Cook away from this meeting, he has still managed to confirm a new Fed Governor at the last minute.
Miran, a Trump donor, seems likely to advocate for the President’s policies at the FOMC meeting. Even if rate cuts were probably going to happen anyway, this is an extra guarantee.
Moving forward, this is still a significant advancement for Trump’s designs on Fed independence. Currently, only three of the seven Fed Governors are Democratic appointees, potentially giving the President leverage to influence policy.
Of course, Jerome Powell is himself a Trump appointee, and they are in an ongoing feud. This just goes to show that unpredictable things can happen in this climate.
Still, Miran’s appointment is another win for the President’s agenda. If he does get the chance to fire Lisa Cook, that could herald radical restructuring at the Federal Reserve.
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