Stephen Miran, chairman of the Council of Economic Advisers, following a television interview outside the White House in Washington, DC, US, on Tuesday, June 17, 2025. (Aaron Schwartz/Sipa/Bloomberg via Getty Images)
President Donald Trump's nominee to the Federal Reserve is not closing the door to staying on indefinitely at the Fed, despite the anticipated length of his term being up in four months.
Stephen Miran, now serving as the chief economist on the White House Council of Economic Advisors, provided 29 pages of written answers to lawmakers on the Senate Banking Committee. Within the submitted document, he declines to commit to resigning from the Fed in January 2026.
In theory, Miran could serve past the four-month expiration date of his term if Trump doesn't name a replacement. The move would amount to another crack in the Fed's traditional distance from the executive branch, and its ability to make decisions on interest rates without political interference. Trump has waged a scorched-earth campaign against the Fed in an attempt to produce lower interest rate.
Miran also said he doesn't intend to step aside from his current White House job during his short term, reiterating a position from his confirmation hearing last week that led to criticism from Democrats and economic analysts.
Last year, Miran proposed reforms to improve the central bank for the Manhattan Institute. He pitched barring Fed governors from serving in the executive branch for four years “to further insulate board members from the day-to-day political process.” Now, Miran is on the fast-track of a path he once criticized.
Asked whether he'd adhere to reforms he authored, Miran responded that he will "comply with all post-employment restrictions currently applicable to members of the Fed board."
The fate of another top Fed official is still in the air. Federal Governor Lisa Cook has sued the Trump administration to keep her post after Trump attempted to fire her over allegations of mortgage fraud. A federal court still hasn't issued a decision on whether she'll be permitted to stay on the Federal Open Market Committee while her lawsuit plays out.
A committee vote on Miran's nomination is scheduled for Wednesday morning. Depending on the speed of the process, Miran could receive a floor vote in the Senate by the end of the week. That would allow him to cast a vote in next week's two-day Fed meeting to decide interest rates.
