Senate to hold hearing today on Trump nominee Stephen Miran

Key Takeaways

Stephen Miran will appear before the Senate Banking Committee today for his confirmation hearing as President Trump’s nominee to the Federal Reserve Board.
Miran’s confirmation could impact Fed policy decisions ahead of the September rate-setting meeting.

The Senate Banking Committee will hold an open hearing at 10 a.m. today on the nomination of Stephen Miran to the Federal Reserve Board of Governors. Miran, currently leading the Council of Economic Advisers, was put forward by President Trump to fill the vacancy left by Adriana Kugler.

The hearing comes amid Trump’s push to bring the central bank under closer White House influence, following his attempt to oust Fed Governor Lisa Cook and his calls for lower interest rates ahead of the September policy meeting.

Today’s hearing will spotlight the tension between the Fed’s tradition of independence and President Trump’s push to assert greater White House authority.

Senators are expected to press Miran on his earlier arguments that favored more executive influence, even as he now vows to protect the central bank’s autonomy.

“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 prepared testimony. “If confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress.”

Miran also asserted that he would uphold the central bank’s independence and base his decisions strictly on macroeconomic analysis, not political direction.

“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,” he stated.

Members of the Fed Board of Governors hold permanent voting rights on monetary policy at the Federal Open Market Committee meeting. If confirmed, Miran would join the board with a direct and permanent vote on interest-rate decisions.

The Senate Banking Committee is expected to vote on Miran’s nomination within a week of his Sept. 4 hearing. If approved by the committee, the full Senate would then vote shortly thereafter.