Trump Fed Nominee Plans to Keep White House Role if Confirmed

Stephen Miran, President Donald Trump's nominee to the Federal Reserve board, revealed at his Senate confirmation hearing that he intends to keep his role as chair of the White House Council of Economic Advisers by taking an unpaid leave of absence, rather than resigning. This decision raised significant concerns among Democrats who argued that Miran's continued White House affiliation compromises his independence and threatens the Federal Reserve's autonomy. Senator Jack Reed criticized the arrangement as 'ridiculous,' emphasizing the conflict between serving the president while maintaining independent oversight of monetary policy. Miran assured lawmakers he would act independently and stressed the importance of the Fed's independence, though he declined to affirm Trump's 2020 election loss or address claims that officials manipulated jobs data. The nomination comes amid President Trump's ongoing pressure on the Fed and Chair Jerome Powell to lower interest rates, with Trump publicly disparaging Powell for not complying. Critics warn that increased political control over the Fed could undermine confidence in the U.S. economy and destabilize global markets.