The Senate Banking Committee has voted 13-11, along party lines, to advance Stephen Miran’s nomination for a short-term position on the Federal Reserve Board. The Republican-led effort aims to confirm Miran before the Federal Reserve’s next rate-setting meeting scheduled for September 16. If confirmed, Miran would serve until January.
At his confirmation hearing on September 4, Miran emphasized the significance of credit access in American life. “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,” he said.
During questioning from Senate Banking Committee Chairman Tim Scott (SC), Miran addressed how he would approach banking regulations with respect to credit access. He stated, “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.”
The American Financial Services Association has expressed support for Miran’s nomination and indicated it will continue monitoring developments as his confirmation progresses.