Trump Nominee Stephen Miran Pledges Fed Independence Amid Confirmation

Stephen Miran, nominated by President Donald Trump to fill a recently vacated Federal Reserve Governor seat, has pledged to uphold the central bank's independence and its dual mandate of price stability and maximum employment. Miran emphasized that his decisions would be based on his macroeconomic analysis and a commitment to the long-term stewardship of the economy, despite past criticism of the Fed’s policies such as aggressive stimulus during the COVID crisis. His nomination comes amid pressure from President Trump for lower borrowing costs and a desire to have a majority of the Fed board aligned with his views. Miran's appointment is temporary, filling the remainder of Adriana Kugler’s term, which expires in January 2026. While Miran stated the Fed's primary role includes preventing depressions and hyperinflations, some observers note this is a broader interpretation than the Fed’s explicit congressional mandate. The Senate Banking Committee is reviewing his confirmation, which holds significant implications for upcoming Federal Reserve decisions, including the September interest rate meeting.