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September 17, 2025

Federal Reserve cuts rates; new Fed governor Stephen Miran dissents and urges bigger reductions

Associated Press
Bureau of Labor S...
CNBC
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Powell says "no widespread support" for half-point cut despite White House demands

On Sep. 17, 2025 the FOMC lowered the federal funds target range by 25 basis points to 4.00%–4.25% and cited slower job gains and elevated inflation in its statement.

Voting on Sep. 17, 2025 was recorded as 11 in favor and 1 against. Stephen I. MiranStephen I. Miran voted against the action and stated he preferred a 50 basis point cut at that meeting.

The U.S. Senate confirmed Stephen Miran to the Board of Governors on Sep. 16, 2025 by a 48–47 vote. Miran filled an unexpired term that runs to Jan. 31, 2026.

Miran spoke at the Economic Club of New York on Sep. 22, 2025 and publicly urged much deeper easing than the FOMC adopted. Reporting shows he cited tax, immigration, rental and tariff developments in his argument.

Miran said he would take unpaid leave from his White House role while serving on the Fed. Multiple lawmakers and watchdogs flagged that arrangement as raising independence concerns.

💰Economy🏛️Government

Test Your Knowledge

10
Q1

On September 17, 2025, how many Federal Open Market Committee participants voted against lowering the federal funds rate by 25 basis points?

Q2

TRUE or FALSE: According to the U.S. Bureau of Labor Statistics’ Employment Situation News Release — August 2025 Results (September 5, 2025), the unemployment rate rose to 4.3% in August 2025, prior to the Federal Reserve’s rate decision on September 17, 2025.

Q3

What did Trump call Powell after the Fed decision?

Q4

In his August 12, 2025 Fox Business interview, how did Treasury Secretary Scott Bessent say the Federal Reserve should size its rate cut at the September FOMC meeting?

Q5

What was the Federal Reserve's rate decision and who dissented?

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People, bills, and sources

What you can do

1

civic action

Contact Senate Banking Committee

Request rigorous vetting of Fed nominees for institutional independence.

Phone Call Script: Senate Banking Committee - Fed Nominee Independence

Opening: Hi, I'm calling as a constituent to request that the Senate Banking Committee conduct rigorous vetting of Federal Reserve nominees for institutional independence.

Key points to mention:

  • On Sep. 17, 2025, the Federal Open Market Committee lowered the target federal funds rate by 0.25 percentage points
  • New Fed governor Stephen Miran dissented, urging bigger reductions
  • Miran had been confirmed by the Senate on Sep. 16, 2025 and took office the same day
  • Miran's dual role in the White House, taken as unpaid leave, drew criticism about independence
  • In a Sep. 22 speech, Miran argued for much larger rate cuts than the Committee endorsed

Impact explanation: The Federal Reserve's independence is critical for maintaining economic stability. When Fed governors have close ties to the White House or advocate for policies that align with political pressure rather than economic data, it undermines the Fed's credibility and effectiveness.

Questions to ask:

  1. What is the Senate Banking Committee's vetting process for Fed nominees?
  2. How does the Committee evaluate potential conflicts of interest, such as White House roles?
  3. Will the Committee hold oversight hearings on Miran's appointment and his dual role?
  4. What changes will the Committee make to ensure future Fed nominees maintain independence?

Specific request: I'm asking the Senate Banking Committee to conduct rigorous vetting of Fed nominees for institutional independence, investigate potential conflicts of interest, and ensure the Federal Reserve maintains its independence from political pressure.

Contact: Senate Banking Committee: [Find current phone number] Website: banking.senate.gov

Thank you for your time.

2

civic action

Submit public comment to the Federal Reserve

Use the Board of Governors public comment portal to express concerns about politicization of monetary policy before the next FOMC meeting.

Public Comment Template: Federal Reserve Board of Governors

Subject: Comment on Politicization of Monetary Policy

Submit to: [Federal Reserve public comment portal - check website for current docket]

Comment:

I am writing to express concerns about the politicization of monetary policy following the Sep. 17, 2025 Federal Open Market Committee meeting.

Background: On Sep. 17, 2025, the FOMC lowered the target federal funds rate by 0.25 percentage points. New Fed governor Stephen Miran dissented, urging bigger reductions. Miran had been confirmed by the Senate on Sep. 16 and took office the same day. Miran's dual role in the White House, taken as unpaid leave, drew criticism about independence. In a Sep. 22 speech, Miran argued for much larger rate cuts than the Committee endorsed.

Specific concerns:

  1. Fed governors should maintain independence from political pressure
  2. Dual roles in the White House create potential conflicts of interest
  3. Monetary policy decisions should be based on economic data, not political considerations
  4. Public statements advocating for policies outside FOMC consensus undermine the Fed's credibility

Request: I request that the Board of Governors ensure Fed governors maintain independence from political pressure and avoid conflicts of interest that could undermine the Fed's credibility and effectiveness.

Contact information: [Your name, address, email]

Submission: Submit through the Board of Governors public comment portal. Check the website for current dockets and submission instructions.

3

practicing

File a FOIA request

Request communications between Fed officials and the White House related to monetary policy during Miran's transition.