Stephen Miran, President Donald Trump’s nominee for an open seat on the Federal Reserve, said he would take an unpaid leave of absence from his current role at the White House rather than resign.
Miran made the comment during his Senate confirmation hearing Thursday, which was focused on the question of whether he would be sufficiently independent from the president after serving as Trump’s chief economist and close adviser all year. Fed board seats have fixed terms, and the position for which he is nominated expires at the end of January.
“I have received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers,” he told the Banking Committee. “And so, considering the term for which I’m being nominated is a little bit more than four months, that is what I will be taking.”
He said if he were later confirmed to a longer term, he would resign.
Democrats sharply questioned his decision.
“Your independence has already been seriously compromised by your statement,” said Sen. Jack Reed of Rhode Island. “You are going to be technically an employee of the president of the United States but an independent member of the board of the Federal Reserve. That’s ridiculous.”
Added Sen. Andy Kim of New Jersey: “Why do you even want this job at the Fed for four months, if you’re just hedging your bets and just continuing to hold your position at the White House?”
Miran fielded questions from senators from both parties who stressed that it was important for Fed officials to make decisions based on their assessment of the economic outlook and not on guidance from the president.
“Look, the president nominated me because I have policy views that I suppose that he liked,” he told Chair Tim Scott (R-S.C.). “If I’m confirmed to this role, I will act independently, as the Federal Reserve always does, based on my own personal analysis of economic data.”
Miran said he had not been asked by anyone to commit, formally or informally, to lowering rates.
But he also hinted he was open to input from the president, among other outside voices.
“That said, I’m always happy to hear views from every source possible,” he said. “It’s important to me to hear a variety of views to make sure that I really do think that the things that I think, to challenge my own views and interrogate them, and hearing a variety of views on that matter is always helpful.”
