Trump Fed Nominee Vows Central Bank Independence Amid Senate Hearing

Stephen Miran, President Donald Trump's nominee for the Federal Reserve's Board of Governors, pledged to uphold the central bank's independence during his Senate confirmation hearing amid growing political pressure from the president to cut interest rates. Miran, who currently chairs the White House Council of Economic Advisers, emphasized that the Federal Open Market Committee's independence is essential to preventing depressions and hyperinflation, and said his decisions would be driven by macroeconomic analysis rather than political influence. However, Democrats, led by Senator Elizabeth Warren, accused Trump of attempting to politicize the Fed and reshape its board to favor his economic agenda, citing moves to replace Biden-appointed governors like Adriana Kugler and Lisa Cook. Cook, the first Black woman on the Fed board, is contesting her removal amid allegations Trump used as a pretext to install loyalists. Republicans, including Senate Banking Committee Chairman Tim Scott, supported Miran's expertise and viewed his appointment as strengthening the Fed during a critical time. The situation has sparked intense debate over the Fed's ability to maintain its autonomy in setting monetary policy free from presidential intervention.