The U.S. Senate Banking Committee has advanced the nomination of Stephen Miran to a temporary position on the Federal Reserve Board, following the resignation of another member in August.
At a meeting on Wednesday, the Banking Committee advanced Miran's nomination along party lines with a vote of 13 to 11, sending it to the full Senate for consideration. All Democrats voted against the potential Federal Reserve governor, while the majority of Republicans voted in support.
President Donald Trump selected Miran to serve as chairman of the Council of Economic Advisers in December, and he stated at a hearing last week that if he were to serve an extended term as a Federal Reserve governor beyond January, he would not resign from his White House advisory role. If confirmed, he would fill the term vacated by Federal Reserve member Adriana Kugler, which ends on January 31.
The potential Federal Reserve governor stated in a December interview that "cryptocurrency could play an important role in innovation," but has not made any significant public statements on digital assets or blockchain since joining the Trump administration. As of the time of publication, it is unclear when the Senate will vote on his nomination.
The advancement of Miran's nomination comes as Trump’s efforts to remove another Federal Reserve governor are being challenged in court, raising questions about the independence of government agencies. In a letter dated August 25, the president requested Federal Reserve governor Lisa Cook to "immediately resign," citing allegations of mortgage fraud.
Cook refused to leave her position and challenged the dismissal in court. On Tuesday, a federal judge in Washington, D.C. blocked Trump's order, stating that the president had not established any valid reason for dismissing a Federal Reserve governor. The government filed a notice of appeal on Wednesday.
The Federal Reserve plans to hold a meeting in October to discuss topics related to payments, including stablecoins and tokenization.
Related: Nasdaq's "Chain" Revolution: The Self-Disruption of Traditional Exchanges and the Battle for the Trillion-Dollar Tokenization Market
Original article: “U.S. Senate Committee Advances Trump’s ‘Crypto-Friendly’ Fed Nominee”
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