


Stephen Miran, President Donald Trump’s nominee to temporarily be a Federal Reserve governor, vowed to maintain the central bank’s independence during his confirmation hearing on Thursday, as Democrats raised the fear that he would aid a Trump takeover of the Fed.
Miran, who is currently chairman of the White House Council of Economic Advisers, faced questions about how he would approach the role and the Fed’s independence more broadly during his confirmation hearing before the Senate Banking Committee. Miran was nominated to replace Adriana Kugler, who unexpectedly resigned last month.
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“If confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress,” Miran told lawmakers. “My opinions and decisions will be based on my analysis of the macro economy and what’s best for its long-term stewardship.”
The remarks come as Democrats accuse Trump of undermining the Fed’s independence. The central bank is designed to operate independently of the White House, but Trump has repeatedly pushed the Fed to lower interest rates. He recently moved to fire Fed governor Lisa Cook over accusations of mortgage fraud.
Miran went on to say that central bank independence is of “paramount importance” for the economy, financial markets, and long-term stewardship of the country.
Yet Miran also told senators that he would not resign from his role at the CEA if he were confirmed to the Fed, but would rather go on leave. Democrats argued that such an arrangement would mean that Miran would not be independent of the Trump administration. That setup could allow Miran to return to the CEA when the Fed term expires in early 2026.
Banking Committee ranking member Elizabeth Warren (D-MA) pushed Miran about the issue. She said Congress can’t “ignore the elephant in the room,” which she called an “all-out assault on the independence of the Federal Reserve” by Trump.
Miran said that while Trump, like any politician, could weigh in on the Fed’s monetary policy, action is ultimately and independently up to the board.
“The president is entitled to a view on appropriate monetary policy, as is everyone else with an interest in the subject, and I welcome everyone sharing their views,” he told the committee.
Miran also criticized the Fed for commenting on areas that he considered outside the central bank’s monetary policy remit.
“I do think that independence of the central bank is of critical importance, and that’s why when I look back at recent behavior and see things like climate being worked into the Federal Reserve’s policy agenda, it strikes me as politicization of elements of the Federal Reserve that ought not to be politicized,” Miran said.
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Sen. John Kennedy (R-LA) also questioned Miran about the Fed’s independence, asking him directly whether he was Trump’s “puppet,” which Miran said he was not, as evidenced by his willingness to have out-of-consensus views.
“There’s nothing wrong with politicians in Washington offering their opinions, you can’t stop them, but we need a monetary plan that was put together by something other than vodka and darts, and that’s what we have the Federal Reserve for,” Kennedy told Miran.