Fed Nomination Advances
The Senate Banking Committee voted to advance Stephen Miran’s nomination to fill a Federal Reserve Board vacancy by a vote of 13-11 along party lines. Republicans hope to vote on his confirmation before the Federal Reserve begins its rate-setting meeting on September 16th. If confirmed he will fill a short-term Board position that expires at the end of January.
During his confirmation hearing on September 4th, Dr. Miran highlighted the importance of access to credit, stating directly, “Purchasing a car or a home are major milestones in pursuit of the American dream. Affordability and interest rates affect decisions to have children or start a business. The flow of credit and liquidity is central to America’s banking system and by extension, global capital markets. The Fed’s role of safeguarding these is of paramount importance.”
Later in the hearing, Chairman of the Senate Banking Committee Tim Scott (SC) asked Dr. Miran directly about how he will evaluate banking regulations to reduce limits to credit access for Americans. Dr. Miran responded, “I do believe there needs to be a fulsome process at the Fed for thinking about not only the benefits of regulations, but the costs as well, and thinking about the consequences of those regulations for the provision of credit into the economy, and exactly along the lines that you were discussing before.”
AFSA supported Miran’s nomination and will continue to follow his nomination as it moves through the confirmation process.
September 11th, 2025
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