Stephen Miran, a nominee for a Federal Reserve Board seat, told lawmakers Thursday he would act independently but he failed to convince Democrats he can separate himself from President Donald Trump because he will continue to hold a White House job.
Miran, who is chairman of the Council of Economic Advisers, was tapped by Trump to fill the Fed vacancy created by the early departure of Governor Adriana Kugler.
Miran’s hearing before the Senate Banking Committee centered mostly on whether he would make his own decisions on interest rates and monetary policy.
The independence of the Fed has taken on added significance while Trump is attempting to fire another Fed member, Lisa Cook, and is pressuring Chair Jerome Powell to lower interest rates. The board comprises part of the interest-rate-