Trump’s Fed Nominee Stephen Miran: “Independence Is Key, I’ll Be a Team Player”

Stephen Miran, President Donald Trump’s nominee for the Federal Reserve Board, faced his first Senate confirmation hearing. He pledged to support the Fed’s independence and rejected concerns that the White House might influence his votes on monetary policy. Still, his dual role between the Fed and the White House Council of Economic Advisers has raised questions about the central bank’s true independence.

Unpaid Leave Instead of Resignation Miran told senators that if confirmed, he would take unpaid leave from his current position at the White House Council of Economic Advisers. However, he refused to resign entirely, explaining that his term would last only until January 31, 2026, unless reappointed. “My legal counsel advised me that the proper procedure is to take leave. If I’m nominated for a longer term, I’ll resign,” Miran explained. This arrangement sparked concerns over Fed independence, particularly as Trump seeks to strengthen his influence over the central bank.

“No One Has Ever Asked Me to Cut Rates” Trump has repeatedly criticized Fed Chair Jerome Powell and demanded massive interest rate cuts. That led lawmakers to question whether Miran would vote under White House pressure once on the Fed. Senator Andy Kim asked him directly: “Has anyone asked you, formally or informally, to commit to voting for rate cuts?”

Miran answered simply: “No.” He added that he is open to hearing opinions from anyone — including the president — but insisted his decisions would be based on his own judgment:

“The president has a right to an opinion on monetary policy, just like anyone else.”

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Ethics and Market Reactions Senator Mark Warner pressed Miran on whether bond markets might react negatively to signals of a politicized Fed. Miran replied that he does not expect a dramatic reaction. The hearing also included personal questions. Republican Bernie Moreno, referencing the recent controversy surrounding Fed Governor Lisa Cook, asked Miran whether he had ever applied for a mortgage in order to secure a lower rate. “Never,” Miran said. Moreno responded with a smile: “That’s good news. Maybe we really are restoring Fed independence.”

What Comes Next? If confirmed, Miran’s first vote could come at the Fed’s September 16–17 meeting. His nomination arrives at a critical moment — and the question remains whether he can convince both senators and markets that he will truly act independently.

👉 Miran portrays himself as a candidate of stability and teamwork. Critics, however, warn that his ties to the White House could place the Fed under more direct political influence than ever before.

#TRUMP , #Fed , #FederalReserve , #USPolitics , #Powell

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