Today, the Senate Banking Committee is holding a confirmation hearing for Dr. Stephen Miran, President Trump’s nominee for the Federal Reserve Board of Governors. One of the intellectual architects behind Trump’s disastrous trade policy, Miran has also further escalated attacks on the Fed and has suggested that Trump be allowed to fire Fed governors on a whim.
Groundwork Collaborative’s Chief of Policy and Advocacy Alex Jacquez reacted with the following statement:
“Trump’s nomination of a yes-man like Stephen Miran to the Federal Reserve Board will only further undermine confidence in U.S. markets and the economy. From groceries to housing, families are feeling the squeeze from Trump’s price hikes. Miran’s intention to serve in both the Trump White House and on the Fed board simultaneously is further confirmation that he is committed to carrying out Trump’s orders no matter what the data says. This will result in even higher costs for mortgages, credit cards, auto loans, and everyday essentials. It is a lose-lose situation for American consumers and the American economy.”