WASHINGTON — Stephen Miran, President Trump’s nominee for the open Federal Reserve governor role, is pledging to uphold the central bank’s independence and its dual mandate of price stability and maximum employment.
Miran’s comments came in testimony submitted ahead of his confirmation hearing before the Senate Banking Committee today.
“In my view, the most important job of the central bank is to prevent depressions and hyperinflations. Independence of monetary policy is a critical element for its success,” Miran said in his statement.
Short-Term Appointment
Miran, currently chair of the Council of Economic Advisers and a close Trump adviser, has been nominated to fill the final months of a term unexpectedly vacated by Fed Governor Adriana Kugler. That term expires Jan. 31, 2026.
The Fed is next scheduled to meet Sept. 17, under pressure from Trump to reduce interest rates. Trump has said his nominee for the Kugler seat would be temporary, not a permanent replacement for Chairman Jay Powell.
“If confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress,” Miran said. “My opinions and decisions will be based on my analysis of the macroeconomy and what’s best for its long-term stewardship. The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability.”
Questions Raised
Miran also raised concerns about oversight of the Fed.
“The Fed oversees the most important global financial institutions. It sets varying prices of money for borrowers and lenders, including other central banks,” he said. “The ultimate composition of the Fed’s balance sheet is an open-ended question.”
