President Donald Trump‘s Federal Reserve nominee Stephen Miran defended his independence during a contentious Senate Banking Committee hearing on Thursday, as Democrats warned his appointment could undermine the central bank’s autonomy over monetary policy decisions.
Miran Promises Fed Independence Despite Trump Pressure
Miran, currently chair of Trump’s Council of Economic Advisors, faced two hours and 20 minutes of questioning about whether he would make interest-rate decisions free from presidential influence. The hearing comes as the Fed prepares for its September 16-17 meeting.
“I’m always happy to hear views from every source possible…to challenge my own views and interrogate them,” Miran told senators. When asked directly if he was “a Donald Trump’s puppet,” Miran responded: “Not at all.”
Democrats Question Nominee’s Political Neutrality
Sen. Elizabeth Warren (D-Mass.), the committee’s ranking Democrat, expressed deep skepticism about Miran’s promises of independence. Warren argued that Miran’s joining the Fed would “take an axe” to central bank independence.
Sen. Chris Van Hollen (D-Md.) challenged Miran’s credibility, citing Trump’s social media threats against Fed Chair Jerome Powell. “For you to suggest that the president would somehow welcome you back with open arms at the Council of Economic Advisors should you vote in a way that is opposed by the president of the United States is just not credible,” Van Hollen said.
Fed Control Battle Intensifies Under Trump
The nomination represents Trump’s latest attempt to influence Fed policy after firing Governor Lisa Cook in August and repeatedly pressuring Powell for steeper rate cuts.
Miran would fill the seat vacated by Governor Adriana Kugler, serving through January 31, 2026. His single vote among 12 Fed policymakers could prove crucial as Trump seeks to reshape monetary policy direction before potentially replacing Powell when his term expires in May.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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