Sen. Warren says banking panel should focus on Trump's attacks on Fed independence

"Democrats on the Senate Banking Committee are expected to grill President Trump's nominee for a vacant Fed governor's seat during today's confirmation hearing. The nominee, Stephen Miran, currently chairs the White House Council of Economic Advisers. A Harvard-educated economist, Miran has been critical of the Federal Reserve's independence and advocated for more direct presidential control views that have raised concerns about his nomination. Massachusetts Sen. Elizabeth Warren, the committee's highest-ranking Democrat, has pledged to address those concerns directly during the hearing."

"Over the last few months, Donald Trump has launched three huge attacks on the independence of the Fed: first, threatening to fire Jerome Powell; then, deciding that Powell had spent too much money on renovations of the Federal Reserve building and he could fire him for cause; and when that failed, now trying to fire Lisa Cook, another member of the Fed board all of them [are] direct attacks on the independence of the Fed."

Stephen Miran chairs the White House Council of Economic Advisers and is a Harvard-educated economist who has criticized the Federal Reserve's independence and advocated for more direct presidential control. Senate Democrats on the Banking Committee plan to scrutinize Miran during a confirmation hearing for a vacant Fed governor seat. Sen. Elizabeth Warren called Miran's skepticism about Fed independence a warning sign and pledged to press him on those views. Warren cited three recent presidential actions as direct attacks on Fed independence: threatening to fire Jerome Powell, alleging Powell overspent on renovations to justify firing, and attempting to remove Fed board member Lisa Cook. Warren argued that the Banking Committee should investigate those presidential actions rather than treat the nomination hearing as business as usual.

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