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President Donald Trump’s pick to fill a vacant seat on the Federal Reserve’s Board of Governors pushed back against Democratic concerns that he would merely do Trump’s bidding at the central bank, even as he acknowledged he would retain his White House job.
In his confirmation hearing before the Senate Banking Committee on Thursday, Stephen Miran said he intends to take an unpaid leave of absence from his post as chair of the White House Council of Economic Advisers if confirmed to the Fed for a term that is set to expire at the end of January.
Miran also reiterated his commitment to central bank independence and pledged to make decisions based on his own analysis. He added that a central bank’s most important job is preventing depressions and hyperinflation.
The Trump administration official, who said he has spent much of his career studying monetary policy, last year wrote a paper detailing numerous proposals to overhaul the Fed, including ways to undercut its independence.
Today's show features:
- Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on the Stephen Miran Federal Reserve Confirmation Hearing
- Max Levchin, Co-Founder & CEO at Affirm, on earnings and the fintech landscape
Plus, Carol and Tim broadcast live as part of Power Players New York. They speak with:
- Derek Sprague, CEO, PGA of America, and Bloomberg News Texas Bureau Chief Julie Fine on the upcoming Ryder Cup and the mission to reunited the sport of golf
- Alex Rodriguez, Chairman & CEO of A-Rod Corp, and Bloomberg Originals Chief Correspondent Jason Kelly, on the newest season of “The Deal”
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