Stephen Miran's Path to the Federal Reserve: A Strategic Move by Trump

Stephen Miran, a top economic adviser in the White House, is advancing towards a position as a Federal Reserve governor, a move in line with President Donald Trump's agenda to influence U.S. monetary policy directly. On Wednesday, the Republican-majority Senate Banking Committee greenlit his nomination with a 13-11 party-line vote, propelling it to the Senate floor.

The nomination process faces tight deadlines that may prevent Miran from participating in the Fed's upcoming policy meeting. However, the Republican-controlled Senate's 53-47 advantage suggests that confirmation could come swiftly. Trump's efforts to install like-minded individuals at the Federal Reserve align with his calls for significant interest rate cuts.

Concerns about the Fed's independence are heightened by Miran's nomination and Trump's maneuver to remove Governor Lisa Cook. The strategic appointments and changes threatened to transform the central bank's approach, sparking debates about its autonomy amidst political pressures.

(With inputs from agencies.)