Stephen Miran Stresses Federal Reserve’s Independence, Says He Has Not Been Asked To Lower Interest Rates

In prepared remarks, Miran underscored the importance of the Fed in safeguarding the flow of credit and liquidity.

Stephen Miran, President Donald Trump’s nominee for the Federal Reserve Governor position left vacant by Adriana Kugler’s resignation, on Thursday stressed the importance of the central bank’s independence during the Senate Banking Committee’s confirmation hearing.

In prepared remarks at the beginning of his hearing, Miran underscored the importance of the Fed in safeguarding the flow of credit and liquidity, stating that this is central to the American banking system and, by extension, global capital markets.

“In my view, the most important job of the central bank is to prevent depressions and hyperinflations. Independence of monetary policy is a critical element for its success,” he added.

When asked by Democratic Senator Andy Kim if Miran was asked to commit, either formally or informally, to vote in support of lower interest rates, he said “no,” according to a Reuters report.

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