Senator Warren Says President Trump Is Threatening Fed Independence

Senate Banking Committee Ranking Member Elizabeth Warren warned that Stephen Miran’s nomination to the Federal Reserve Board of Governors furthers President Trump’s bid to undermine the Federal Reserve’s ("Fed’s") independence.

At a Senate Banking Committee hearing on the nominations of five Trump Administration appointees, Ranking Member Elizabeth Warren argued that the Committee should have postponed the proceeding. She pointed to a letter signed by all 11 Democratic members of the Senate Banking Committee urging Chair Scott to delay the hearing. (See previous coverage.) She contended that President Trump is attempting to seize control of the Fed by intimidating officials and seeking to remove Governor Lisa Cook. 

Senator Warren cautioned that politicizing the Fed would undermine credibility, fuel inflation, and repeat the mistakes of past U.S. and international episodes where political interference led to stagflation or runaway inflation. She criticized nominee Stephen Miran as aligned with Trump’s agenda, citing his role in promoting tariffs, health care cuts, and energy policies that worsened household costs. She warned that, if confirmed, Mr. Miran could not be trusted as an independent policymaker.