President Donald Trump’s pending nominee for the Federal Reserve Board left open the door Tuesday for a situation in which he concurrently holds a long-term position at the central bank while on unpaid leave from the White House Council of Economic Advisers, an arrangement that would break with decades of practice and raises questions about the central bank’s independence.
Stephen Miran, who was tapped by Trump in early August for the position, plans to take the unpaid leave until the term for which Trump nominated him expires in January.
In response to written questions Tuesday from the Senate Banking Committee, Miran declined to say whether he would leave his White House post if his appointment to the Fed extends beyond those four months, saying he would “reevaluate” the arrangement.
“If I am confirmed and a successor has not been appointed to my seat on the Fed upon the expiration of the term in January 2026, I will reevaluate my decision to take an unpaid leave of absence from CEA at that time,” Miran wrote.
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Tuesday’s questions — submitted by members of the committee, which is responsible for sending Miran’s nomination to the full Senate — followed his testimony before the committee last week.
Miran’s plan to keep his White House job while working at the Fed flies in the face of his own previous arguments against the central bank’s revolving door; he argued in a previously published paper for the conservative Manhattan Institute that Federal Reserve members should be barred from serving in the executive branch for four years after their Fed terms end.
When asked this week about those comments, Miran wrote that he would “comply with all post-employment restrictions currently applicable to members of the Fed board.”
The White House did not respond to NOTUS’ request for comment but told The Washington Post: “Based on legal guidance, if confirmed, Stephen Miran may take an unpaid leave of absence from his CEA position.”
Trump has paid special attention to the Fed during his first year in office, frequently pressuring its chair, Jerome Powell, to lower interest rates — including by giving him the nickname “Too Late” Powell.
Most recently, Trump fired Fed governor Lisa Cook, who is actively suing the administration over the move. She argues that Trump lacks the authority to remove her due to the Fed’s status as an independent agency.
Sen. Thom Tillis, a Republican and a key swing vote on the Banking Committee, indicated this week that he would not consider a replacement candidate for Cook until her legal challenge plays out.
Miran is being considered for a separate board seat vacated when governor Adriana Kugler unexpectedly resigned before the end of her term.
The Senate Banking Committee is scheduled to vote Wednesday morning on Miran’s nomination, potentially advancing him to be confirmed by the Senate by the end of the week.
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