Who is Stephen Miran—Trump’s nominee for Federal Reserve board, his views on independence, and what’s at stake in the Senate hearing

Who is Stephen Miran

President Trump’s choice of Stephen Miran, his top economic adviser, to join the Federal Reserve’s board of governors comes at a tense moment. The White House has sought greater influence over monetary policy, with Trump criticizing high interest rates for raising government borrowing costs. The Senate Banking Committee hearing on Thursday will show how far Republicans are willing to go in supporting this shift, the Wall Street Journal reported.

Tensions over Fed independence

For decades, the Federal Reserve has operated with independence from the executive branch, a principle now under challenge. Trump recently attempted to fire Fed governor Lisa Cook, citing unproven allegations of mortgage fraud—the first time a president has sought to remove a sitting governor. Vice President JD Vance has argued that leaving monetary policy to unelected officials is “anti-democratic,” while Trump insists he should have a direct role in setting rates.

Republican balancing act

The hearing will test GOP senators who have traditionally defended Fed autonomy. Lawmakers such as Thom Tillis, Mike Rounds, and John Kennedy have previously expressed support for Fed Chair Jerome Powell and cautioned against executive interference. Tillis has signaled backing for Miran’s nomination but warned against moves that would make the Fed “really come under direct control” of the White House.

Miran’s stated position

In prepared remarks, Miran pledged to uphold the Fed’s independence and focus on its dual mandate of low inflation and strong labor markets. He emphasized that preventing depressions and hyperinflation requires political distance. Yet, his earlier writings argued that the president should have greater power to replace Fed officials and called for limits on the revolving door between the Fed and the executive branch, raising questions about how he reconciles those views.

Shifting views on inflation

Miran’s record on inflation adds complexity. Last year, he sharply criticized the Fed for easing rates, calling the move politically motivated and harmful to the goal of price stability. More recently, however, he has said inflation is less of a concern, pointing to Trump’s policies of tax cuts, deregulation, and tighter immigration controls as drivers of noninflationary growth. At the hearing, senators are likely to press him on how he squares these shifting positions with Trump’s demand for lower rates.

Speedy confirmation timeline

Republicans, who hold a 53–47 Senate majority, are expected to confirm Miran, but the White House is pushing for unusually fast action. Officials want him seated before the Fed’s September 16–17 policy meeting, giving Trump more sway over decisions. Democrats are united in opposition, viewing the nomination as part of a broader attempt to weaken the central bank’s independence and tilt policy toward political goals.

Stephen Miran’s confirmation will almost certainly move forward, but the hearing underscores a larger battle over the Fed’s future. If confirmed, he will step into one of the most powerful economic roles at a time when the White House is challenging decades of precedent. The outcome will shape not only monetary policy but also the balance of power between the presidency and America’s central bank.