Miran's Senate hearing arrives amid a continuing firestorm between the Trump administration and the central bank
Stephen Miran, President Donald Trump’s nominee for the Federal Reserve Board, pledged to uphold the central bank’s independence during a closely watched Senate Banking Committee hearing on Thursday. Miran, who previously chaired Trump’s Council of Economic Advisers, faced pointed questions about the White House’s recent efforts to influence monetary policy and the integrity of US economic data.
“In my view, the most important job of the central bank is to prevent Depressions and hyperinflations. Independence of monetary policy is a critical element for its success,” he said in prepared remarks.
“The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability.”
Marin, a former investment banker and Treasury official, said he would base decisions on his analysis of the macroeconomy and what's best for its long-term stewardship. “The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability,” he said.
However, he added, “the president is entitled to a view on appropriate monetary policy, as is everyone else interested in the subject.”
Miran declined to directly address whether he agreed with Trump’s claim that the Bureau of Labor Statistics (BLS) had manipulated economic data. The BLS has faced scrutiny since Trump fired its chief last month, alleging the agency had rigged labour market figures to undermine his administration.
The hearing took place against a backdrop of escalating tension between the White House and US economic institutions. Trump has repeatedly criticized Fed chair Jay Powell for not cutting interest rates and recently sought to remove central bank governor Lisa Cook, who has since filed a lawsuit to block her dismissal.
Miran’s nomination comes after the sudden resignation of Adriana Kugler from the Fed’s board. The Senate Banking Committee is expected to vote on Marin’s nomination in the coming weeks. If confirmed, he would join the Fed’s seven-member board at a time of heightened scrutiny over interest rate policy and the central bank’s role in managing economic growth.
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