Washington: The Senate has approved one of President Donald Trump’s top economic advisers for a seat on the Federal Reserve’s governing board, giving the White House greater influence over the central bank just two days before it is expected to vote in favour of reducing its key interest rate.

The vote to confirm Stephen Miran was largely along party lines, 48-47. He was approved by the Senate Banking Committee last week with all Republicans voting in favour and all Democrats opposed.

Miran’s nomination has sparked concerns about the Fed’s longtime independence from day-to-day politics after he said during a committee hearing earlier this month that he would keep his job as chair of the White House’s Council of Economic Advisers, though would take unpaid leave.

Senate Democrats have said such an approach is incompatible with an independent Fed.

Senate Democratic Leader Chuck Schumer said ahead of........

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