The battle over the Fed's future moves to the Senate

"Miran has advocated changes that would put the Fed more squarely under the president's control. His confirmation process is taking place with breakneck speed as Republicans try to install him before a Fed policy meeting in less than two weeks. It also comes as the president tries to fire Fed governor Lisa Cook for mortgage irregularities, the legality of which is pending in federal court. The Wall Street Journal reported Thursday that the Justice Department has launched a criminal case against her, issuing subpoenas and convening grand juries, citing sources familiar."

"The big picture: While the central bank independence clash is often framed as a battle between Trump and the Fed, it is, in a more profound sense, about the relative power of the president and Congress. The Federal Reserve Act, passed by Congress more than a century ago, established a system of lengthy, staggered terms for Fed governors and specified that they can only be fired for cause."

"What they're saying: "I couldn't be more in agreement that independence of the central bank is of paramount importance for the economy," Miran told Senate Banking Committee chair Tim Scott. "If I'm confirmed to this role, I will act independently ... based on my own personal analysis of economic data," Miran said, and act on "my judgment of the best economic policy possible.""

Miran has advocated changes that would place the Federal Reserve more directly under presidential control. His confirmation process is progressing rapidly as Republicans seek to install him before an upcoming Fed policy meeting. The president is attempting to dismiss Fed governor Lisa Cook over alleged mortgage irregularities, while the Justice Department has opened a criminal investigation that includes subpoenas and grand juries. The central issue centers on the balance of power between the president and Congress. The Federal Reserve Act established long, staggered terms for governors and limited firing to for-cause. Republicans supported Miran despite past endorsements of Fed independence; Democrats opposed him. Miran stated he would act independently if confirmed.

Read at Axios