With Republicans holding a majority in the Senate, Stephen Miran is expected to be confirmed in the coming days, just in time for the Fed's next meeting on September 16 and 17.

This is despite strong opposition from Democrats, who denounce the move as an attack on the Fed's independence. Stephen Miran will not resign from his position at the White House, where he heads the Council of Economic Advisers. He justifies this decision by citing his "status" as a temporary governor, whose term ends in January 2026.

This is a rather bizarre arrangement, which contrasts with his past positions. "Short-circuiting the revolving door between the Fed and the executive branch is essential to reducing the incentives for officials to act in the president's short-term political interests," he wrote last year in a paper published by the Manhattan Institute. He proposed imposing a four-year waiting period between the end of a term at the Fed and a position in the executive branch.

Sweeping in front of one's own door

And that's not the only contradiction in this case. Miran's appointment comes as Donald Trump attempts to dismiss Governor Lisa Cook, who has been accused of fraud.

Last month, Trump announced her dismissal due to allegations that she had taken out loans before joining the Fed for properties declared as primary residences but then rented out.

Mortgage rates for primary residences are generally lower than those for rental properties and often offer tax benefits to the borrower. Lisa Cook is now under investigation by the Department of Justice regarding these loans.

However, a document released on Friday by the US Office of Government Ethics says that Miran also holds a mortgage on a home formerly declared as a primary residence, which is now used as a rental property, according to the latest financial disclosure.

Importantly, Bill Pulte is also reportedly involved in this issue. The director of the Federal Housing Finance Agency (FHFA) is the one who, within the Trump administration, brought the charges against Lisa Cook.

However, according to public documents consulted by Reuters, Pulte's father and stepmother themselves declared two properties located in two different states as their primary residences.

While the Trump administration emphasizes the exemplary behavior required of a Fed governor, these arguments carry much less weight when several officials are themselves in a compromising position.

Lisa Cook's attendance at the next Fed meeting is currently uncertain. Her lawyers hope to obtain a court order allowing her to remain on the Fed board pending resolution of the case.