Stephen Miran is the new nominee to the Federal Reserve Board in an incredibly tight 48-47 vote on Monday evening. He'll be just in time to cast a crucial vote in this week's central bank policy meeting.
The Fed is widely expected to lower its benchmark interest rate for the first time this year.
"Miran's confirmation is part of a larger effort by the president to pack the Fed with members who favor lower rates."
"Miran told lawmakers during his confirmation hearing before the Senate Banking Committee that he would act independently if confirmed, but he does not intend to resign from his current White House position as chair of the Council of Economic Advisers.
Instead, he would opt to take a leave of absence from the White House to serve on the central bank and then return after his term is up."
Senate confirms Trump adviser Miran as Fed governor in time for crucial rate decision
Senate confirms Trump Adviser Miran as Fed Governor right before this week's Fed Meeting.
byu/Progress_8 instocks
Posted by Progress_8
4 Comments
Crime family administration in broad daylight
A new Fed governor with political motives.
Haha.
If the other members don’t resist, then there’ll be no need to resist in the future either—everyone can just follow Trump’s orders. When Trump calls for a rate cut, it gets cut.
I wonder whether the Fed will choose to take short-term criticism tomorrow or sacrifice its credibility for the future.
So much poop
Trump bought a shitload of bonds recently so he stands to make a massive profit from the rate cut.