Fed nominee Miran tells senators he'll be independent of Trump

Mark Schoeff Jr., CQ-Roll Call on Sep 4, 2025

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WASHINGTON — Stephen Miran, a nominee for a Federal Reserve Board seat, told lawmakers Thursday he would act independently but he failed to convince Democrats he can separate himself from President Donald Trump because he will continue to hold a White House job.

Miran, who is chairman of the Council of Economic Advisers, was tapped by Trump to fill the Fed vacancy created by the early departure of Governor Adriana Kugler.

Miran’s hearing before the Senate Banking Committee centered mostly on whether he would make his own decisions on interest rates and monetary policy.

The independence of the Fed has taken on added significance while Trump is attempting to fire another Fed member, Lisa Cook, and is pressuring Chair Jerome Powell to lower interest rates. The board comprises part of the interest-rate-setting Federal Open Market Committee.

Cook filed a lawsuit against Trump to prevent him from removing her and to “safeguard her and the Board’s congressionally mandated independence,” her complaint says. U.S. District Judge Jia Cobb is considering her motion for a temporary restraining order.

Miran said Fed independence is of “paramount importance” to the country’s economy and financial markets.

“If confirmed to the Federal Reserve, I will behave in an independent manner based on my own analysis of the economy, of economic data, inflation, employment and the effects of economic policy thereon,” Miran said.

Democrats questioned whether Miran can follow through on that promise given that he doesn’t plan to resign from the White House economic panel if he serves out the four months remaining on Kugler’s term.

Miran told senators he was maintaining his CEA position on the advice of counsel.

Sen. Jack Reed, D-R.I., said he doubted Miran can stay at arm’s length from Trump.

“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?” Reed asked. “That’s ridiculous.”

Ranking member Elizabeth Warren, D-Mass., posed a series of questions to Miran to test his distance from Trump. She pressed him on who won the 2020 presidential election.

“Joe Biden was certified by Congress as the president of the United States,” Miran said.

Warren was unsatisfied with that answer.

“Woo…alright,” she said.

She also was disappointed by what she thought was Miran’s nonresponse to her question about whether he agrees with Trump that the Bureau of Labor Statistics faked job numbers to boost former Vice President Kamala Harris’ presidential campaign last year.

“In other words, just two straightforward questions about your independence and you have blown both of them,” Warren said. “Dr. Miran, you have made clear that you will do or say whatever Donald Trump wants you to do, and that might work in a political position but it takes an ax to Fed independence and will make life far more expensive for American families.”

Warren said in her opening statement that if Miran is confirmed, a cloud will hang over him at the Fed.

“Every claim he makes and every vote he takes will be tainted with the suspicion that he isn’t an honest broker, but that he is Donald Trump’s puppet,” Warren said.

Republicans on the panel also stressed the need for the Fed to be independent of the White House. But they gave Miran a chance to defend himself.

“Are you Donald Trump’s puppet?” asked Sen. John Kennedy, R-La.

Miran responded: “Not at all. I’m very independently minded, as shown by my willingness to stray from consensus and have out-of-consensus views.”

“We’re going to hold you to that, future governor,” Kennedy said. “You’ve got to call ‘em like you see the them and ignore all the rhetoric from all politicians.”

Chairman Tim Scott, R-S.C., also weighed in on the importance of the Fed’s autonomy.

“I think the Federal Reserve needs to remain quite and completely clear in its independence,” Scott said.

Miran was one of five nominees to appear at the hearing. The others were Ben Hobbs, nominated for assistant secretary of the Department of Housing and Urban Development; Ronnie Kurtz, nominated for assistant HUD secretary; Christopher Pilkerton, nominated for assistant Treasury secretary; and Jonathan Burke, nominated for assistant Treasury secretary.

Warren said Thursday’s meeting shouldn’t have been a routine nomination hearing but rather one that addressed broader questions surrounding Trump’s attempt to influence the Fed.

“The hearing this Committee should be having today is to investigate President Trump’s ongoing assault on the independence of the Fed and his efforts to intimidate and illegally remove Fed policymakers,” Warren said. “This committee should be putting our efforts toward stopping Trump’s reckless takeover of the Fed, not holding a business-as-usual confirmation hearing to help grease the skids for Donald Trump to grab more power.”