President Trump’s top White House economist officially joined the Federal Reserve board of governors Tuesday as the central bank kicked off a critical meeting on interest rates.
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Stephen Miran was sworn in as a member of the Fed board, the central bank announced Tuesday, barely 12 hours after the Senate voted to approve his nomination along party lines.
Miran will take an unpaid leave of absence from the White House, where he serves as chair of the Council of Economic Advisers, while he serves out the remaining four months of the Fed board term he took up Tuesday.
The Fed board includes seven members, or “governors,” serving staggered 14-year terms. If a Fed governor leaves before the end of their term, their eventual replacement can serve the remaining time left on the term before it expires.
Miran joined the Fed on the same day it began a highly anticipated meeting of the Federal Open Market Committee — the panel of Fed officials responsible for setting interest rates.
Read more here.
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Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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