President Trump has nominated the chairman of his Council of Financial Advisers, Stephen Miran, to fill a short-term seat on the Federal Reserve’s governing board.
Win McNamee/Getty Photos North America
conceal caption
toggle caption
Win McNamee/Getty Photos North America
President Trump’s nominee to fill an open seat on the Federal Reserve board confronted powerful questions from Senate Democrats Thursday about whether or not he would take path from the president in setting rates of interest — however with broad assist from Senate Republicans Stephen Miran appeared poised to win affirmation.
Miran at present serves as chairman of the president’s Council of Financial Advisers. His nomination for the vital Fed publish has crystalized issues about Trump’s efforts to exert extra management over the central financial institution, threatening many years of Fed independence.
“We can’t ignore the elephant within the room and that’s that President Trump has launched an all-out assault on the independence of the Federal Reserve,” mentioned Sen. Elizabeth Warren, D-Mass., the highest Democrat on the Senate Banking Committee. “The committee ought to be placing our efforts in direction of stopping Trump’s reckless takeover of the Fed, not holding a business-as-usual affirmation listening to to assist grease the skids for Donald Trump to seize extra energy.”
Miran insisted he wouldn’t merely do the president’s bidding on the central financial institution.
“If I am confirmed to this position, I’ll act independently because the Federal Reserve all the time does, based mostly alone private evaluation of financial information, my very own private evaluation of the consequences of financial insurance policies,” Miran mentioned.
The nominee acknowledged, nevertheless, that he plans to maintain one foot within the White Home whereas on the Fed, taking an unpaid go away from his job as an administration economist.
Trump has tapped Miran to serve out the rest of Fed governor Adriana Kugler’s time period, which expires early subsequent 12 months. Kugler stepped down in August to return to a educating publish at Georgetown College.
Sen. Elizabeth Warren questions Stephen Miran at his affirmation listening to earlier than the Senate Banking Committee in Washington, D.C., on Sept. 4, 2025.
Win McNamee/Getty Photos North America
conceal caption
toggle caption
Win McNamee/Getty Photos North America
Trump seeks extra management of Fed’s board
Trump has additionally tried to create an extra emptiness on the Fed’s seven-member governing board by firing Lisa Cook dinner, over allegations that Cook dinner had made false statements on a mortgage software. Cook dinner, who has denied mortgage fraud, is difficult her dismissal in courtroom.
By legislation, the Fed is designed to be insulated from political strain so policymakers could make generally unpopular choices to advertise long-term financial stability.
Warren tried to check Miran on his independence, asking whether or not he agreed, for instance, that Trump had misplaced the 2020 election. Miran hedged, saying solely that Joe Biden had been licensed because the winner.
Sen. John Kennedy, R-La., additionally quizzed Miran about his means to function at arm’s size from the White Home.
“Are you Donald Trump’s puppet?” Kennedy requested. He appeared happy when Miran assured him that he was independently minded.
“We will maintain you to that,” Kennedy mentioned. “It’s worthwhile to name ’em such as you see ’em.”
With that warning, Kennedy signaled his approval of the nominee, referring to Miran as a “future governor” of the Fed.
Trump has been unusually outspoken in difficult the central financial institution’s independence. He has repeatedly demanded decrease rates of interest and threatened to fireplace Fed Chairman Jerome Powell. If he succeeds in changing each Kugler and Cook dinner, the president could have appointed a majority of the Fed’s governing board.
The White Home hopes to have Miran seated as a Fed governor earlier than the following coverage assembly in mid-September. The central financial institution is broadly anticipated to chop its benchmark rate of interest by 1 / 4 share level, in an effort to prop up the softening job market.
