Senate Democratic Leader Chuck Schumer said ahead of the vote that Miran “has no independence” and would be “nothing more than Donald Trump’s mouthpiece at the Fed.”
The vote was along party lines, with Alaska Sen. Lisa Murkowski the only Republican to vote against Miran.
Miran said during his Sept. 4 hearing that, if confirmed, “I will act independently, as the Federal Reserve always does, based on my own personal analysis of economic data.”
The administration appealed the ruling, but an appeals court rejected that request late Monday.
Members of the Fed’s board vote on all its interest rate decisions, and also oversee the nation’s financial system.
Economists forecast the Fed will reduce its key rate after its two-day meeting ends Wednesday, to about 4.1% from 4.3%. Trump has demanded much deeper cuts.
