Summary
The U.S. Senate is considering Stephen Miran, nominated by President Trump for a vacant Federal Reserve governor position. The confirmation process is moving quickly as there are various ongoing issues regarding the Federal Reserve's independence, including a legal case involving Fed governor Lisa Cook. There is debate over how much control the president should have over the Federal Reserve.
Key Facts
- Stephen Miran is President Trump's nominee for a Fed governor role.
- Miran supports changes to increase presidential control over the Fed.
- The Senate is holding a confirmation hearing for Miran quickly, before an upcoming Fed policy meeting.
- There is a legal dispute involving Fed governor Lisa Cook, with allegations related to her mortgage activities.
- The Justice Department has reportedly started a criminal investigation into Cook.
- The Federal Reserve Act provides that Fed governors serve long terms and can only be fired for cause.
- Some senators, including Republicans, express the need for Fed independence.
- Democrats oppose Miran's confirmation, raising concerns about the Fed's independence under Trump's influence.
