The Senate is poised to confirm Stephen Miran to the Federal Reserve Board, a move sparking controversy. Miran, nominated by President Trump, plans to take unpaid leave from his White House position rather than resign, raising concerns about potential White House influence on the Fed's independence. Critics argue this undermines the Fed's intended autonomy in setting monetary policy, particularly given Trump's past attempts to influence the Fed's decisions. The Senate Banking Committee approved Miran's nomination along party lines, and a vote is expected Monday night. Miran's confirmation comes ahead of a crucial Fed meeting on interest rates.

Prepared by Lauren Mitchell and reviewed by editorial team.