Miran describes monetary policy independence as 'critical element' for Fed amid continuing speculation of a Trump takeover
Stephen Miran, president Donald Trump’s nominee for the Federal Reserve Board of Governors, has pledged to uphold the central bank’s independence from political influence as he prepares for a Senate confirmation hearing Thursday that will test Republican support for Fed autonomy.
“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,” Miran said in prepared remarks released by the Senate Banking Committee on Wednesday.
The confirmation hearing coincides with Trump’s unprecedented attempt last week to fire Fed Governor Lisa Cook over unproven mortgage fraud allegations. Cook is challenging her removal in federal court.
White House seeks quick confirmation
Miran, currently chairman of the president’s Council of Economic Advisers, would fill a position vacated by Adriana Kugler last month. White House officials are pushing for an unusually speedy confirmation timeline, seeking to have Miran in place before the Fed’s next rate-setting meeting September 16-17, The Wall Street Journal reported.
“We’ll have a majority, very shortly,” Trump said at a cabinet meeting last week, highlighting his desire to influence interest-rate policy directly.
The president has criticized high interest rates for raising federal borrowing costs and adding to budget deficits. Fed officials have been reluctant to cut rates aggressively while businesses navigate potential price increases from tariffs.
Republican support faces test
Republicans hold a 53-47 Senate majority and confirmed Miran to his current post along party lines in March. However, the hearing will force GOP senators to balance their past support for Fed independence against reluctance to oppose Trump.
Senator Thom Tillis of North Carolina indicated Wednesday he would support Miran’s nomination but told reporters, “I have no interest in moves that would make the Fed really come under direct control of the executive branch. I don’t think it makes sense.”
Republicans likely need unanimous support on the banking committee, where they hold a 13-11 majority, to advance nominations if all Democrats vote against them.
Past criticism vs. current promises
Miran has previously criticized Fed policies, particularly the central bank’s decision to begin lowering rates last fall. In September, he wrote on social media that he “can’t think of anything more ‘Deep State’ and corrosive of our democracy than democratically unremovable officials at the Federal Reserve tacitly accepting permanently higher inflation.”
However, in his prepared remarks, Miran stressed that policy decisions would be based on his “analysis of the macroeconomy and what’s best for its long-term stewardship.” He pledged to adhere to the Fed’s congressional mandate to keep inflation low while fostering a healthy labor market.
“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,” Miran said. “If confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress.”
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