Now, Council of Economic Advisers Chairman—nominee, Stephen Miran, is getting ready for an unfolding confirmation hearing. As one of the most influential economic advisers to President Donald Trump, he faces a very public confirmation hearing before the Senate Banking Committee. The hearing will start at 10 a.m. And we’ll zero in on his nomination to fill a long vacant seat on the Federal Reserve’s Board of Governors.
Miran has submitted written testimony to the Fed’s rate-setting committee. This very important committee is responsible for setting the direction of monetary policy in the United States. His comments will indeed underscore the Trump administration’s desire to see the Federal Reserve reformed. This institution has been under extreme attack and public criticism, including by administration officials, in recent years.
The significance of this hearing lies not only in Miran’s qualifications but in the broader implications for the Federal Reserve’s independence. This independence has been key to sustaining progressive economic stability. At the same time, it has generated prosperity, contributing to the U.S. economy becoming the largest in the world over the last century. Recent moves by the Trump administration have alarmed critics of these actions, as they imply the independence could be under siege.
Miran’s appointment also follows recent historic diversity appointments within the Federal Reserve. Earlier this week, President Trump removed Lisa Cook from her seat on the Board of Governors. Cook is challenging her firing with a federal lawsuit. A federal judge will soon be considering the new court filings related to her case. This backdrop creates an even more fascinating context for the upcoming Senate Commerce Committee hearing.
In his written testimony, Miran highlighted a bipartisan commitment to continue to keep the independence of the Federal Reserve intact.
“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.” – Stephen Miran
As the Senate Banking Committee prepares to consider Miran’s nomination, eyeing with expectation on Zoom are supporters and observers of this monetary hearing, poised to greatly influence the trajectory of the future of America’s monetary policy. The committee’s decision could drastically redefine the way the Federal Reserve works. More importantly, it would affect its relationship with the Trump administration for years to come.