Senate panel advances Miran’s Fed nomination

The Senate Banking Committee voted along party lines Wednesday to advance President Donald Trump’s pick to fill a Federal Reserve board vacancy, sending the nomination to the full chamber.

The panel voted 13-11 to approve Stephen Miran, who currently chairs Trump’s Council of Economic Advisers and is nominated to fill a short-term Fed board vacancy that expires at the end of January.

Senate Republicans are rushing to confirm Miran before the Fed’s mid-month rate-setting meeting, which begins on Sept. 16. It is unclear when the full Senate will vote on his nomination.

Miran surprised GOP senators when he said at his confirmation hearing last week that he will not resign from his White House job to serve on the Fed and plans instead to take an unpaid leave of absence from the role.