Donald Trump’s pick to join the Federal Reserve’s board of governors has vowed to “preserve [the] independence” of the central bank if he is confirmed in the position by the US Senate.
Stephen Miran will try to reassure lawmakers at a hearing on Thursday that he would resist external influences and base decisions on his “analysis of the macroeconomy” — at a time of unprecedented pressure from the president for the Fed to cut interest rates.
“Given the central bank’s outsized role in the economy, it’s no surprise that outsiders have opined on its decisions for decades,” Miran, who serves as chair of the White House Council of Economic Advisers, will tell members of the Senate Banking Committee in his opening statement.
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