Trump Advances Fed Reshape With Rapid Senate Nominee Hearing

President Trump is aggressively pursuing control over the Federal Reserve by nominating Stephen Miran, his White House economic adviser, to the Fed's board, marking a significant challenge to the central bank's traditional independence. Miran's confirmation hearing before the Senate Banking Committee highlighted his unusual plan to remain on unpaid leave from his White House role while serving on the Fed, a move unprecedented since the 1930s that has drawn Democratic criticism and legal scrutiny. Trump is also attempting to remove Fed governor Lisa Cook, who is contesting her dismissal in court, intensifying the ongoing power struggle between the White House and the Fed. Republicans have largely supported Miran’s nomination, despite past endorsements of Fed independence, reflecting the broader political battle over control of U.S. monetary policy. Miran has publicly affirmed the importance of Fed independence, though his previous writings suggested he supports greater presidential authority over the central bank. Trump has declared his intention to secure a majority on the Fed board quickly to influence interest rate decisions and reshape monetary policy according to his administration's goals.