Senate confirms Trump pick to Fed board ahead of key interest rate vote

The US Senate has cleared President Donald Trump’s pick Stephen Miran to join the Federal Reserve’s board of governors – part of a panel responsible for setting the country’s interest rates.

Mr Miran, who is the chair of the Council of Economic Advisers, will be the first sitting White House official to join the Fed’s board since its creation in its current form in the 1930s.

He was narrowly confirmed on Monday with a vote of 48-47.

The economist’s entry has raised concerns over the central bank’s longstanding independence and follows Trump’s bid to reshape the Federal Reserve.

Mr Miran is expected to vote at a key Fed policy meeting this week as one of 12 voting members, playing a central role in Trump’s bid for a large interest rate cut.

Miran’s fast-tracked confirmation vote comes as Trump is also attempting to fire Fed Governor Lisa Cook from the central bank, citing allegations of mortgage fraud.

Ms Cook, the first Black woman to serve as a Fed governor, has denied the allegations and sued to block her removal.

On Monday, a US appeals court denied the Justice Department’s request to lift an earlier ruling to temporarily block Trump from removing Ms Cook.