BURSTStephen Miran, President Trump's pick for an opening on the Federal Reserve board, is expected to tell senators that "independence" is crucial to the central bank's mission during his confirmation hearing Thursday.
"In my view, the most important job of the central bank is to prevent depressions
and hyperinflations," Miran wrote in his prepared remarks submitted to the Senate Banking Committee before its 10 a.m. hearing. "Independence of monetary policy is a critical element for its success."
Miran, who is currently serving as chair of the White House's Council of Economic Advisers (CEA), has been nominated to fill the remaining term of former Fed governor Adriana Kugler, who abruptly resigned last month without citing a reason. The appointment ends in January.
The Senate confirmed Miran for the CEA post in a 53-46 vote in March.
Trump has been feuding with the Federal Reserve and Chairman Jerome Powell for several months over the board's hesitance to cut interest rates.
"Borrowing costs are not just a Wall Street phenomenon," Marin is expected to testify, per his submitted remarks. "Purchasing a car or home are major milestones in pursuit of the American Dream. Affordability and interest rates affect decisions to have children or start a business."
"The Fed’s role safeguarding these is of paramount importance," he adds.
He cited the Fed's "outsized role in the economy" as a driving factor in the intense public interest on the board's decisions.
"My opinions and decisions will be based on my analysis of the macroeconomy and what's best for its long-term stewardship," he will testify.