Trump's Fed Pick Plans to Stay on White House Payroll

Stephen Miran, President Trump's nominee for the Federal Reserve Board, told senators Thursday he plans to remain a White House economic adviser—on unpaid leave—if confirmed to the central bank. The move, which would make him the first modern Fed governor to keep such close White House ties, has sparked concerns about the institution's independence, the Washington Post reports.

Miran said his decision stems from the short duration of the Fed appointment, set to expire early next year. Rather than resigning outright, he said he would step away temporarily from the Council of Economic Advisers, with plans to return after his stint at the Fed ends. Miran's choice is especially notable given his past criticism of the "revolving door" between the central bank and executive branch, the Post notes. In a paper published last year, he advocated for a four-year ban on Fed officials taking jobs in the executive branch after their terms, arguing that central bank leaders should be shielded from daily politics

The arrangement drew sharp questioning from lawmakers. Democratic Sen. Andy Kim argued that Miran's ongoing White House connection could jeopardize the Fed's ability to function free from political pressure, noting that Miran might prioritize the president's interests. "Why do you even want this job at the Fed for four months if you're just hedging your bets and just continuing to hold your position at the White House?" Kim asked.

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In response to another question from Kim, Miran denied that anybody in the administration had asked him, formally or informally, to commit to lowering interest rates. Reuters reports that Miran also faced pointed questions from Republican senators. "Are you a Donald Trump puppet?" asked Sen. John Kennedy of Louisiana. After Miran responded, "Not at all," Kennedy told him, "We're going to hold you to that."