The Senate confirmed Stephen Miran to the Federal Reserve Board of Governors today in a narrow 48-47 vote.

Miran will serve the unexpired term of fourteen years from February 1, 2012, according to the Senate’s executive calendar. The confirmation fills a vacancy on the seven-member board that oversees the US central bank’s operations and monetary policy decisions.

The close vote reflects the typical partisan divide surrounding Federal Reserve nominations, which require Senate approval. Board members serve staggered 14-year terms designed to provide independence from political pressures.