Stephen Miran, President Trump’s choice to fill a temporary vacancy on the Federal Reserve Board of Governors, surprised a Senate Banking Committee confirmation hearing today by announcing he would not resign his position as chairman of the administration’s Council of Economic Advisors, but would instead take a temporary leave of absent and return to the White House after his term expires at the end of January.
Miran was nominated by Trump to complete the term of Adriana Kugler, who resigned in August.
“I have received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisors,” Miran said. “Considering the term for which I’m being nominated is a little bit more than four months, that is what I would be taking. As long as that is the advice of counsel, I will follow the law.”
Miran added he would resign his position if the president nominated him for the full 16-year term that will be accorded to Kugler’s permanent replacement.
Rhode Island’s Democratic Senator Jack Reed called Miran’s plan “absolutely ridiculous” and said Miran’s “independence has already been seriously compromised” by maintaining a role with the administration. But Miran pushed back on the assertion that he would be doing the White House’s bidding at the Fed.
“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, my own personal analysis of the effects of economic policies,” Miran said.
Miran’s confirmation is now in a beat-the-clock mode, as he would need Senate confirmation quickly in order to participate in the Fed’s next rate policy meeting, which is slated for Sept. 16-17.
Sounds like a good plan to me! The Democrats will yell and wail regardless of what Trump does anyway.
Agreed Greg S.,
Sounds like a good plan to me! The Democrats will yell and wail regardless of what Trump does anyway.