The question of Federal Reserve independence took center stage Thursday at the confirmation hearing of Stephen Miran, chair of the White House Council of Economic Advisers, whom President Trump nominated for a seat on the Fed board of governors.

Both Democrats and Republicans on the Senate Banking Committee wanted to know if Miran would be able to make decisions independent of the preferences of a sitting president — an urgent question following Trump's unprecedented pressure campaign.

Trump has been telling the central bank to cut interest rates since he took office. He’s berated Chair Jerome Powell, ordered the firing of Fed Governor Lisa Cook and said he’s actively seeking a majority on the interest rate-setting committee that will do what he wants.

While central banks have long face

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