1 of 3 | Stephen Miran (President Trump’s nominee for the Federal Reserve Board, pictured at the White House earlier this month) cleared a key hurdle on Monday. Photo by Francis Chung/UPI | License Photo
White House economic adviser Stephen Miran cleared a key hurdle on Monday to joining the Federal Reserve Board despite concerns about his independence.
The Senate Banking Committee voted to advance the nomination of Miran to serve on the Fed’s seven-member board of governors, setting the stage for what is expected to be his confirmation by the full Senate Monday evening to fill out the term of Adriana Kugler, who abruptly resigned.
Miran, who is currently chair of the White House Council of Economic Advisers, said during the committee hearing that he would take a leave of absence from his position while finishing the remainder of Kugler’s term. That unusual arrangement and President Donald Trump’s pressure campaign to get the Fed to lower interest rates has stoked concern about the independence of the central bank.
“You are going to be technically an employee of the president of the United States, but an independent member of the board of the Federal Reserve?” Sen. Jack Reed, D-Rhode Island, said during the hearing. “That’s ridiculous.”
Miran said during the hearing that his thinking process would be independent while serving on the board. Sen. John Kennedy, R-La., replied that they would hold him to that.
If confirmed, Miran would join the Fed as it is expected to begin discussions on interest rates Tuesday.
Federal Reserve Chair Jerome Powell has been reluctant to lower the cost of borrowing despite sharp criticism by Trump, who is viewed as seeking to undermine the central bank’s independence.
Trump has tried to fire Federal Reserve Governor Lisa Cook on the basis she committed mortgage fraud. A judge earlier found the charge to be unfounded and ordered her to be reinstated.
