Stephen Miran, U.S. President Donald Trump¡¯s pick to fill an open seat at the Federal Reserve, on Thursday parried dozens of questions from lawmakers about whether he will make interest-rate decisions independently of presidential pressure, with Republicans seeking to use the exchanges to affirm Miran¡¯s promise of political neutrality and Democrats expressing their skepticism.
The Senate Banking Committee hearing on Miran¡¯s nomination comes as Trump steps up efforts to exert control over the central bank, including an unprecedented attempt to remove a sitting Fed governor.
The Fed¡¯s ability to manage inflation effectively is widely seen as requiring freedom from political influence over interest-rate decisions.
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