Stephen Miran's Controversial Fed Appointment Sparks Debate

The Senate committee approved White House economic adviser Stephen Miran's nomination to the Federal Reserve's board, despite concerns about maintaining the Fed's independence. Debate centers on Miran retaining his White House role, breaking tradition. The nomination reflects Trump's influence over the Fed, influencing monetary policy amidst ongoing economic challenges.

In a significant development, a Senate committee has approved the nomination of White House economic adviser Stephen Miran to the Federal Reserve's board of governors. This move, if confirmed by the full Senate, would make Miran the third appointee by former President Donald Trump to join the seven-member board.

The decision has raised concerns about potential political interference in the Federal Reserve. Miran plans to retain his position as head of the White House's Council of Economic Advisers, a historically unusual move that has drawn criticism from Democrats who argue it threatens the Fed's independence.

The controversy unfolds as the Federal Reserve grapples with economic uncertainties, including inflation and unemployment challenges. With Miran's nomination and Trump's continued influence over the board, the balance between politics and monetary policy remains a contentious issue.

(With inputs from agencies.)