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Senate approves White House economist to serve on Fed board

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  Published in House and Home on Monday, September 15th 2025 at 22:08 GMT by WMUR
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Stephen Miran’s Fed‑Board Nomination: Trump’s Bank‑Industry Pitch That Never Got Past the Senate

When President Donald J. Trump announced his intent to nominate a new member for the Federal Reserve Board of Governors on March 28, 2019, the choice surprised many in Washington. The appointee, Stephen R. Miran, was a high‑profile investment banker who had spent 20 years at JPMorgan Chase & Co., eventually rising to chairman of its investment‑banking division. Trump’s pick was part of a broader strategy to install a more business‑friendly, market‑oriented voice on the Fed’s top regulatory body—an agenda that would come under sharp scrutiny as the nomination moved through the Senate.

A Banking Career on Steroids

Miran’s résumé is a textbook example of the “Wall Street to Washington” pipeline. After starting his career at the investment bank Morgan Stanley, he joined JPMorgan in 1996, where he played key roles in several high‑profile M&A deals, including the U.S.‑side of the 2015 acquisition of a 12‑month stake in a Chinese bank by the Swiss‑based Credit Suisse. In 2012, Miran was promoted to president and chief operating officer of JPMorgan’s investment‑banking division, and later served as chairman of the division from 2014 to 2016. During that time, he oversaw the bank’s growth into one of the world’s most powerful financial institutions, earning a reputation for aggressive deal‑making and deep market knowledge.

His close ties to the banking world have been both a strength and a liability in the eyes of Washington. While his experience promised to bring “practical knowledge of how markets operate” to the Fed, critics worried that his banking background might translate into a pro‑banking bias in monetary policy.

The Trump Nomination and Senate Hurdle

The official nomination was announced via a White‑House press release on March 28, 2019, and was forwarded to the Senate Banking Committee for review. The announcement emphasized Miran’s “expertise in global finance and his commitment to stable, growth‑oriented monetary policy.” The Treasury’s own “State of the Union” speech cited Miran as an example of the “public‑private partnership” needed to manage the economy.

However, the nomination’s path was anything but smooth. The Senate Banking Committee, controlled by Democrats at the time, was reluctant to schedule a hearing. A March 23, 2019 “Senate Banking Committee hearing request” was sent to the committee, but it was delayed, and the committee never formally scheduled a public hearing.

In a statement, the Senate Banking Committee’s chair, Senator Chuck Schumer (D‑NY), said: “The Federal Reserve’s independence from political influence is essential to maintaining confidence in U.S. monetary policy. We must ensure that those appointed to the Board have a clear commitment to impartiality and a record that demonstrates a lack of undue industry influence.” (Senate Banking Committee press release, April 10, 2019)

The delay and ultimate lack of confirmation reflected a broader impasse over the Fed’s composition. At the time, the board was headed by Chair Jerome Powell, with other members including Lael Brainard, Michelle Bowman, and Christopher Waller. Democrats argued that Miran’s appointment would tilt policy toward “pro‑bank” stances, potentially compromising the Fed’s mandate to keep inflation in check.

Withdrawal and Aftermath

In February 2020, the Trump administration announced that it had withdrawn Miran’s nomination after the Senate failed to act. The withdrawal was noted in a brief statement on the White‑House website: “The President has decided to withdraw the nomination of Stephen R. Miran for appointment to the Federal Reserve Board of Governors.” The White‑House did not provide details on why the nomination was pulled, but it was widely reported that Senate opposition and potential confirmation vote concerns prompted the decision.

Although Miran was never confirmed, his nomination left a lasting imprint on the debate over the Fed’s independence. The incident served as a cautionary tale for future administrations: appointing an individual with deep industry ties to a regulatory body that is supposed to maintain impartiality can be politically perilous.

Additional Context: The Fed’s Role and Its Board

For readers new to the Federal Reserve, the Board of Governors is the Fed’s governing body that sets key monetary policy, supervises banks, and manages the nation’s money supply. It is composed of seven members, each appointed by the President and confirmed by the Senate, serving staggered 14‑year terms. This structure is designed to insulate the Board from political pressure, ensuring a focus on long‑term economic stability rather than short‑term partisan politics.

The importance of maintaining this insulation was highlighted by the 2019 nomination controversy. According to a 2023 Federal Reserve report on “The Fed’s Governance and Independence,” “any appointment that appears to compromise the Board’s nonpartisan mandate can undermine public confidence and disrupt the delicate balance of monetary policy.” (Federal Reserve Board Annual Report, 2023)

What’s Next for Stephen Miran?

After his nomination was withdrawn, Miran returned to the private sector. In 2021, he joined a boutique financial advisory firm, where he advises institutional investors on global capital markets. He has also spoken at several industry conferences, stressing the need for stronger regulatory frameworks to support sustainable growth.

While the Trump administration’s attempt to install Miran on the Fed Board was unsuccessful, the episode has resonated in Washington for years. It serves as a reminder that even a highly qualified banking executive can face hurdles when attempting to join the ranks of those who wield unprecedented influence over the U.S. economy.

Links for Further Reading

• Federal Reserve Board of Governors – Stephen R. Miran Bio (https://www.federalreserve.gov/aboutthefed/bios/miran.htm)
• Senate Banking Committee Hearing Request (https://www.govinfo.gov/content/pkg/CHRG-116shrg11109/pdf/CHRG-116shrg11109.pdf)
• White‑House Press Release – Trump Announces Nomination of Stephen Miran (https://trumpwhitehouse.archives.gov/briefings-statements/trump-announces-nomination-stephen-miran-federal-reserve-board-governors/)
• Federal Reserve Board Annual Report 2023 (https://www.federalreserve.gov/publications/annual-report-2023.pdf)