White House staff member, Miran, may step down for Federal Reserve position, once confirmed.
The former White House Economic Advisor, Stephen Miran, has been nominated by former President Donald Trump for a seat on the Federal Reserve Board. The Senate Banking Committee heard Miran's case on Thursday, with the hearing focusing on whether he would be independent from President Trump after serving as his close adviser.
Miran, who is currently serving as the White House economic advisor, has pledged to respect the Federal Reserve's independence despite concerns about a potential conflict of interest. If confirmed to a longer term, Miran has indicated that he would resign from his current role at the White House.
The unpaid leave of absence that Miran will take from the Council of Economic Advisers is related to his nomination for a seat on the Federal Reserve Board. The duration of this leave is more than four months, but the exact length of his tenure on the Federal Reserve Board, if confirmed, is unknown.
Democrats have sharply questioned Miran's decision regarding his nomination. The specific reasons for their sharp questioning have not been disclosed. It is unclear if Miran's resignation from his current role is contingent on his confirmation to a longer term.
Miran received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers. If confirmed to a longer term, Miran has stated that he would resign from his role at the Council of Economic Advisers.
The term for which Miran is currently nominated is less than a year, but he may be confirmed to a longer term. If confirmed to a longer term, the position for which he is nominated expires at the end of January. The Senate confirmation hearing for his longer term, if any, has not been scheduled yet.
The unpaid leave of absence that Miran will take is for a duration of more than four months. The position for which Miran is nominated expires at the end of January. The Democrats' questioning of Miran's decision may influence the outcome of his potential confirmation to a longer term.
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