Fed Pick Stephen Miran Denounced as Dangerous Trump 'Yes Man'

Stephen Miran, President Donald Trump's nominee to take up an empty seat on the Federal Reserve Board, was blasted before, during, and after a confirmation hearing Thursday for exposing what critics warn is a blatant—and economically damaging—fealty to the president, a subservience that jeopardizes the independence of the Fed and will harm financial markets worldwide.

Miran, currently serving as chair of Trump's Council of Economic Advisors in the White House, is at the center of controversy related to the president's open attack on the Fed for not following his personal demand that base interest rates be lowered in order to mask the harm his economic policies are having.

Critics say Miran proved Thursday that he cannot be trusted to make independent economic determinations separate from Trump's political interests, which will undermine confidence in the Fed as an arbiter of financial decisions that have far-reaching impacts on the domestic economy and worldwide.

"Though Miran claims he will be independent," said Elyse Schupak, policy advocate with Public Citizen, "he spent his confirmation hearing defending Trump's disastrous economic agenda, including the politically motivated firing of the Bureau of Labor Statistics Chief. He failed to confirm basic facts—including that President Trump lost the 2020 election and committed to ignoring the risks to the economy and financial system from climate change. Miran has proved he is a wholly political actor and inappropriate for the Federal Reserve Board."

Last month, Trump fired BLS commissioner Erika McEntarfer after the release of department data showed weak jobs numbers in a monthly report. Without evidence of any kind, Trump questioned the accuracy of the numbers. The firing sparked nonpartisan and bipartisan fury among those who worried that Trump did lasting damage to the trust once placed in the BLS figures.

When asked about his ability to be independent by Republican Sen. Tim Scott of South Carolina, Miran responded, "If I'm confirmed to this role, I will act independently as the Federal Reserve always does."

But when questioned by Sen. Elizabeth Warren (D-Mass), she said he revealed his true self.

Warren's first question was about whether or not Miran could admit that Trump, as a matter of fact, lost the 2020 election:

Miran would not answer yes or no, only repeated that Trump had be "certified" as the winner.

She then asked Miran about the alleged "fake numbers" from BLS used to justify the firing of McEntarfer. "Do you have evidence they faked numbers?" she asked as Miran stumbled for an evasive answer.

"Just two straightforward questions about your independence, and you've blown both of them," Warren steamed.

"Dr. Miran, you have made clear that you will do or say whatever Donald Trump wants you to do or say, and that may work in a political position," she added, "but it takes an ax to Fed independence and will make life far more expensive for American families."

Public Citizen's Schupak was among those who also blasted Miran for saying, if confirmed, he would only take a leave of absence —not resign—from Trump's economic council, a political post.

"Miran is aiming to go even further than others he has criticized in this attempted move between the White House and the Fed—taking only a leave of absence, rather than resigning, from the White House’s Council of Economic Advisors while serving on the Federal Reserve Board," said Schupak. "This is appalling and unacceptable."

Alex Jacquez, chief of policy and advocacy for the left-leaning Groundwork Collaborative, also denounced that decision by Miran and called him unfit for such a powerful position at the Fed.

"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," said Jacquez.

"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," he added. "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."