Miran Pledges Fed Independence, Raises Questions About Oversight
Stephen Miran, President Trump’s nominee for a seat on the Federal Reserve Board of Governors, affirmed his commitment too the central bank’s independence and its core mission of maintaining price stability and maximum employment. In prepared remarks submitted to the Senate Banking Committee ahead of his confirmation hearing on Thursday, Miran stated that preventing economic depressions and hyperinflation is the “most vital job” of the Fed, and that independent monetary policy is “critical” to achieving this goal.
Miran is slated to fill the remaining months of Adriana Kugler’s term, which expires january 31, 2026. His appointment follows speculation that President Trump might seek a nominee focused on challenging the current board’s policies. Trump has publicly advocated for lower borrowing costs and indicated this appointment would be temporary, not a move to replace current Fed Chair Jerome Powell.
while previously critical of the Fed’s pandemic-era stimulus measures, Miran pledged to base his decisions on macroeconomic analysis and prioritize the long-term health of the economy.”if confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress,” he stated. He further emphasized his intention to “preserve that independence and serve the American people to the best of my ability” as a member of the Federal open Market Committee.
Though, Miran also signaled a desire for increased scrutiny of the Fed’s operations beyond its customary dual mandate, specifically regarding its balance sheet and oversight of global financial institutions.He noted the Fed’s critically important influence in setting borrowing costs and its role in the international financial system, suggesting the composition of its balance sheet warrants further examination.
