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Stephen Miran, who served as one of the president’s top economic advisers, struggled to alleviate concerns that he would uphold the independence of the central bank in a fiery confirmation hearing on Thursday.
Sept. 4, 2025Updated 1:57 p.m. ET
Stephen Miran, President Trump’s pick for an open spot at the Federal Reserve, faced backlash on Thursday after revealing that he would only temporarily leave his position as a top economic adviser to Mr. Trump if he is confirmed as a Fed governor.
Mr. Miran’s comments, made during his confirmation hearing, amplified concerns about his willingness to uphold the longstanding independence of the central bank from political meddling. That independence has allowed the Fed to make decisions about interest rates and other policies based on what is best for the economy instead of what is best for the person occupying the White House.
Rather than resigning from his position as chair of the Council of Economic Advisers, Mr. Miran told lawmakers on the powerful Senate Banking Committee that he would take an unpaid leave of absence to fulfill a term on the Fed’s Board of Governors that is set to expire at the end of January. He cited the short tenure of the position and said the decision reflected the advice of counsel.
Senator Jack Reed, Democrat from Rhode Island, called the arrangement “ridiculous.”
“Your independence has already been seriously compromised by your statement,” he added.
Senator Andy Kim, a Democrat from New Jersey, suggested the decision made it very likely that Mr. Miran would continue to be beholden to the president while serving at the central bank.
“You could very well be continuing to act in a way that is in the political interests of the president, because you know he is going to be your future boss again at the White House,” Mr. Kim said. “Why do you even want this job at the Fed for four months, if you’re just hedging your bets and just continuing to hold your position at the White House?”
