Stephen Miran told the Senate he will take unpaid leave from the White House if confirmed to the Fed

Stephen Miran informed the Senate Banking Committee Thursday that while he’ll take unpaid leave from his position as chair of the White House Council of Economic Advisors if confirmed to the Federal Reserve Board, he won’t completely abandon the role.

He clarified this stance during his first confirmation hearing since Trump nominated him to replace Adriana Kugler, who unexpectedly vacated her Fed seat in early August.

According to Senate transcripts, Miran’s term would end January 31, 2026, unless Trump pushes for a longer appointment. When questioned about not resigning completely:

“I have been advised by counsel that the legal approach is to take an unpaid leave of absence from the Council of Economic Advisors, cease my activities and if counsel advises me otherwise, I will follow the law and follow counsel’s advice.”

He later noted, “The term for which I’ve been nominated is four and a half months. If I am nominated and confirmed for a longer term than just a handful of months, I would absolutely resign.”

This dual-role arrangement has sparked concerns about Fed independence, especially with Trump back in power and actively reshaping monetary leadership.

Miran denies White House control allegations

Miran has reportedly been trying to convince Trump to install a “shadow chair” at the Fed.

With Trump’s public demands for significant interest rate cuts and his criticisms of Fed Chair Jerome Powell, lawmakers fear Trump wants direct involvement in central bank decisions, essentially controlling it.

Miran rejected these claims, telling the committee nobody in Trump’s administration had ever asked him to vote a certain way on monetary policy.

When New Jersey Democrat Andy Kim asked, “Has anyone in the administration asked you to commit, formally or informally, to vote to lower interest rates?” Miran simply replied: “No.”

He maintained this position throughout the hearing, saying, “I will always be happy to hear the opinions on monetary policy from everyone that has got an opinion so that I can help evaluate whether my position is actually the correct position and whether I really should be believing in things that I believe — and that would include allowing the president to lobby.”

He added: “The president is entitled to a view on appropriate monetary policy, as is everyone else interested in the subject.”

Critics remain unconvinced, pointing to his ongoing White House connections as potential backdoor influence. Miran insisted his legal team confirmed the leave arrangement was compliant, but he’d resign completely if nominated for a longer term.

Senators probe Miran on markets and ethics

Virginia Democrat Mark Warner questioned whether bond markets would react negatively to a more politicized Fed. “I don’t anticipate the bond market saying that,” Miran responded, adding, “It is impossible to respond to a hypothetical.”

The conversation shifted when Ohio Republican Bernie Moreno referenced recent controversy around Fed governor Lisa Cook. Trump had announced plans to fire Cook over mortgage fraud allegations, which she denies. Moreno used this opportunity to directly question Miran’s ethics.

“Have you ever applied on a mortgage application with the objective of getting a lower interest rate?” Moreno asked.

“I had never done that,” Miran answered.

“You’re already in the game, then. That’s good news,” Moreno replied, turning to the chair. “It seems like what we’re talking about here, Mr. Chairman, is restoring the independence of the Fed.”

Miran’s potential first vote as governor would occur during the Federal Reserve’s upcoming meeting on September 16–17, just weeks away.