Labor & Employment Law Daily Wrap Up, SENATE NEWS—Bill introduced in Senate to protect Fed independence, (Sep 18, 2025)
The bill would prohibit members of the Fed from holding multiple presidentially appointed positions.
Senate Banking Committee member Sen. Ruben Gallego (D-Ariz.) has introduced a bill to protect the independence of the Federal Reserve Board and prevent dual appointments. The bill was introduced the day after the Senate confirmed Stephen Miran to the Board of Governors of the Federal Reserve System, despite continuing to hold his White House position. The Bill—the Fed Integrity and Independence Act—would prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence whether paid or unpaid.
“An independent Fed that is not subject to the whims of politics is the cornerstone of our nation’s monetary policy. To jeopardize that puts our economy—Americans’ ability to find a job, afford a home, or pay off their credit cards—at risk,” Gallego said in a statement. “Mr. Miran has been given every opportunity to do the right thing and resign from his position at the White House and has refused. This bill would require him to do so.”
The Senate voted 48-47 on September 15 to confirm Miran to serve a four-month term on the Fed Board. He was nominated to fill the remaining time in Fed Governor Adriana Kugler’s term after her resignation. Four Republicans and Sen. Bernie Sanders (I-Vt.) abstained from the vote (see Banking and Finance Law Daily, Sept. 16, 2025).
During committee testimony, Miran refused to say that he would resign from his position as Chair of the President’s Council of Economic Advisers should he be appointed to the Fed stating that he, “received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers.”
The bill is cosponsored by fellow Banking, Housing, and Urban Affairs Committee Democrats Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.), Andy Kim (D-N.J.), Lisa Blunt Rochester (D-Del.), and Angela Alsobrooks (D-Md.).
News: FederalLegislation AgencyNews PublicEmployees