"We cannot ignore the elephant in the room and that is that President Trump has launched an all-out assault on the independence of the Federal Reserve,"
"The committee should be putting our efforts towards stopping Trump's reckless takeover of the Fed, not holding a business-as-usual confirmation hearing to help grease the skids for Donald Trump to grab more power."
"If I'm confirmed to this role, I will act independently as the Federal Reserve always does, based on my own personal analysis of economic data, my own personal analysis of the effects of economic policies,"
Stephen Miran, chairman of the White House Council of Economic Advisers, faced tough questioning from Senate Democrats about whether he would take direction from the president in setting interest rates. Democrats raised concerns that President Trump's efforts to exert more control could threaten decades of Federal Reserve independence. Miran said he would act independently if confirmed, basing decisions on his own analysis of economic data and policy effects. Miran plans to take an unpaid leave from his White House role while serving at the Fed. Trump nominated him to complete Adriana Kugler's term; Kugler resigned to return to teaching. Trump also fired Lisa Cook; Cook denies mortgage fraud and is challenging her dismissal.
Read at www.npr.org
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