Senate’s banking committee advances Miran’s Fed nomination

The Senate Banking Committee voted Wednesday to advance President Donald Trump’s pick to fill a Federal Reserve board vacancy.

The panel voted 13-11 to approve Stephen Miran, who currently chairs Trump’s Council of Economic Advisers.

The voting came after a federal judge issued a verdict earlier today temporarily blocking Trump from firing another Fed governor, Lisa Cook, who filed a lawsuit challenging her removal.

Trump earlier tapped Miran to replace Adriana Kugler, who unexpectedly resigned in August. If confirmed by the full Senate, Miran would serve until Jan. 31, the end of Kugler’s term.

Meanwhile, Miran said 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.