Confirmation Hearing Raises Serious Doubts over Fed Independence and Financial Stability if Miran Confirmed as Fed Governor
WASHINGTON — In his confirmation hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Stephen Miran raised serious doubts over the independence of the Fed should he be confirmed, with potentially devastating consequences for the economic wellbeing of American households. Shockingly, Miran told senators he would only take a leave of absence from his current role on the White House’s Council of Economic Advisors while serving on the Federal Reserve Board. This is unprecedented behavior.
The move would make Miran, who was nominated by Trump to fill a vacancy at the Fed in August, uniquely susceptible to political pressure from the White House. Stephen Miran has written that “to pretend that one can easily shift between highly political and allegedly nonpolitical roles without letting political biases inform policy is, at best, naïve—and, at worst, sinister.” In response, Elyse Schupak, policy advocate with Public Citizen, issued the following statement:
“Miran is aiming to go even further than others he has criticized in this attempted move between the White House and the Fed—taking only a leave of absence, rather than resigning, from the White House’s Council of Economic Advisors while serving on the Federal Reserve Board. This is appalling and unacceptable.
“Though Miran claims he will be independent, he spent his confirmation hearing defending Trump’s disastrous economic agenda, including the politically motivated firing of the Bureau of Labor Statistics Chief. He failed to confirm basic facts—including that President Trump lost the 2020 election and committed to ignoring the risks to the economy and financial system from climate change. Miran has proved he is a wholly political actor and inappropriate for the Federal Reserve Board.
“Should he be confirmed, Miran’s lack of independence will limit the Federal Reserve’s efficacy promoting price stability, maximum employment, and financial stability, with profound consequences for American families and communities.”
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