Groundwork’s Jacquez Says Trump’s Yes-Man Miran Crafted Very Policies That are Driving Up Costs on American Families

Groundwork’s Jacquez Says Trump’s Yes-Man Miran Crafted Very Policies That are Driving Up Costs on American Families

Today, the U.S. Senate confirmed Dr. Stephen Miran’s nomination to the Federal Reserve Board of Governors largely along party lines. Miran’s confirmation comes hours before the Federal Open Market Committee’s September meetings where it is expected that he will hold true to his promise of loyalty to President Trump, not the facts. This week’s meetings will be the first since Trump’s illegal firing of Lisa Cook and a slew of data showing a deteriorating labor market and persistent inflation. Miran’s position on the Federal Reserve Board raises alarms that instead of prioritizing working families, he’s likely to block policies that help if they don’t align with the Administration’s political goals.

Groundwork Collaborative’s Chief of Policy and Advocacy Alex Jacquez reacted with the following statement:

“Putting a yes-man like Stephen Miran on the Federal Reserve Board threatens the Fed’s credibility and shakes confidence in U.S. markets. Miran helped craft the very policies that are driving up costs and squeezing American families. The public deserves leaders who fight to lower prices—not enablers of a rigged economy that favors the wealthy.”

BACKGROUND

• Miran has openly pledged to remain tied to Donald Trump while serving at the Fed – an unprecedented conflict of interest that threatens the credibility of one of our nation’s most critical economic institutions.
• As one of the intellectual architects behind Trump’s disastrous trade policy, Miran and Trump’s incoherent tariffs have done nothing to revitalize manufacturing while driving up costs for consumers and producers alike.
• Miran has also further escalated attacks on the Fed and has suggested that Trump be allowed to fire Fed governors on a whim.
• Voters reject Trump’s interference with the Federal Reserve, with a new CBS News poll showing that 68% believe the Fed should make decisions independently from Trump.
• Markets expect a rate cut this week in light of worsening labor market conditions, but much of the inflation families face is being driven by President Trump’s mishandling of the economy. Rate cuts will not ease the pain, and slow growth combined with stubbornly high costs will punish working families.