U.S. Senate passes Steven Miran's Fed board nomination

13 to 11, Democrats unanimously opposed

Will hold concurrent posts without resigning from the White House Council of Economic Advisers

The U.S. Senate Banking Committee on the 10th (local time) passed the nomination of President Trump's White House chief economic adviser, Steven Miran, to be a member of the Board of Governors of the Federal Reserve System by a vote of 13 to 11. Accordingly, Miran will take the Fed board position as the successor to Adriana Kugler, who resigned in early August, serving the remainder of her term until early next year.

According to foreign media, on that day the 13 Republican members of the banking committee voted to refer Miran's nomination to the full Senate, and the 11 Democratic members all cast votes against it.

President Trump appointed Miran, chair of the Council of Economic Advisers, as the successor to Adriana Kugler, who abruptly resigned in August. Kugler did not disclose a reason for her resignation from the Fed board.

If approved by the full Senate, Miran would serve until January 31, when Kugler's term ends.

Miran said that if confirmed as a Fed governor he would take unpaid leave from the Council of Economic Advisers (CEA) without resigning.

This angered Senate Democrats, who argued that Miran should resign from the council if appointed as a Fed governor.

President Trump, announcing Miran's nomination, said he would "continue to look for a permanent replacement." This suggested the possibility of nominating someone to the central bank board for a 14-year term.

Last month, President Trump announced he would remove Fed governor Sarah Cook, alleging she committed mortgage fraud in the past. Cook denies these allegations, and the U.S. District Court for the District of Columbia ruled that day to temporarily stay Cook's removal.

If Cook is removed, Trump would be able to make four appointments on the seven-member Fed board to people of his choosing, including current Vice Chair Michelle Bowman and Governor Christopher Waller, and the successors to Miran and Cook.

Kim Jeong-ah, contributing reporter kja@hankyung.com