Federal Reserve Nominee Plans to Keep His Job as White House Adviser

President Trump’s nominee to serve on the Federal Reserve’s Board of Governors said Thursday he has no plans to step down as a senior economic adviser to the president, and would instead take an unpaid leave of absence from his White House role while working at the Fed. Stephen Miran’s proposal drew sharp criticism from Senate Democrats, who said his confirmation would threaten the U.S. central bank’s independence. Massachusetts Senator Elizabeth Warren spoke at the start of Miran’s confirmation hearing.

Sen. Elizabeth Warren: “Illegally removing a Fed governor is a key step in Trump’s scheme to destroy the independence of the Fed and turn it into his own personal toy. He wants to install his lackeys so that we will have a Fed that uses its power to please the president, but that can’t be trusted to keep inflation under control.”

None of the Republicans in the Senate Banking, Housing and Urban Affairs Committee appeared to oppose Miran’s nomination, indicating he’s likely to be confirmed.