Stephen Miran, President Donald Trump’s nominee to temporarily serve on the Federal Reserve Board of Governors, committed to preserving the central bank’s independence in testy exchanges with senators.
Trump announced his nomination of Miran, the current head of the White House’s Council of Economic Advisers, early last month to temporarily fill the seat vacated by Adriana Kugler.
Appearing before the Senate Banking Committee for his confirmation hearing, Miran expressed the necessity for monetary policy independence as lawmakers centered their questions on the Federal Reserve’s autonomy.
“In my view, the most important job of the central bank is to prevent depressions and hyperinflations. Independence of monetary policy is a critical element for its success,” he said in his opening remarks on Sept. 4….