AsianFin -- Stephen Miran, a top economic adviser to U.S. President Donald Trump, was narrowly confirmed by the Senate on Monday to join the Federal Reserve’s influential Board of Governors, just hours before the central bank kicked off its two-day monetary policy meeting.

The Senate approved Miran’s appointment in a 48-47 vote, with Senator Lisa Murkowski of Alaska the sole Republican opposing the nomination. Once sworn in, Miran will immediately become one of the 12 officials authorized to vote on interest rate decisions.

Miran was nominated to fill the remainder of former Fed Governor Adriana Kugler’s term, which expires in January 2026. Uniquely, he plans to retain his role as a senior White House economic adviser on unpaid leave while serving on the Fed’s board—a first in the 111-year history of the Federal Reserve, where members have traditionally been independent from the executive branch.

During his Senate confirmation hearing, Miran said he consulted legal counsel, who advised that holding both positions is permissible under U.S. law. He assured senators that he will act independently in carrying out his responsibilities as a Fed governor, despite his ongoing ties to the White House.

The confirmation adds a politically notable figure to the Fed just as it prepares to make key decisions on interest rates, underscoring the delicate balance between central bank independence and political influence.