GALLEGO, REED LEAD COLLEAGUES IN CALLING ON FEDERAL RESERVE GOVERNOR MIRAN TO IMMEDIATELY RESIGN

The following information was released by the office of Arizona Senator Ruben Gallego:

Today,Senators Ruben Gallego (D-AZ)andJack Reed (D-RI)led their Senate Banking, Housing, and Urban Affairs Committee colleagues in calling on Federal Reserve Governor Miran to immediately resign from the Federal Reserve Board after his term expired on January 31st, 2026.

"During your confirmation hearing to be a Governor, you testified under oath that you would not resign as Chair of the President's Council of Economic Advisers because 'the term for which I am being nominated is a little bit more than four months.' This period is now up,"the Senators wrote."You are serving in holdover status and have implied an intention to stay indefinitely ... Your extended tenure at the Federal Reserve has only compounded what was an improper arrangement from the outset, and this dual employment must end."

The Senators' letter argues that Miran's voting record and public statements demonstrate a lack of independence from White House political pressure, with his support for aggressive rate cuts appearing to follow the President's demands rather than sound economic analysisdecisions that directly affect Americans' ability to find jobs, afford homes, and manage their credit card debt.

"Despite empirical evidence that inflation remains elevated and the labor market is weakening, your voting record appears to be a product of the President's pressure campaign to influence interest rates rather than sound analysis..."the Senators continued."At worst, you are doing the President's bidding and threatening to put the nation on the same path of high inflation and high unemployment known as stagflation we experienced when President Nixon similarly co-opted the Federal Reserve."

"Your continued dual service at the Federal Reserve and the President's CEA puts the Federal Reserve's operations and our nation's economy at risk. We therefore request you put our Nation's economic well-being and the public's trust in the Federal Reserve over your political ambitions and the President's personal interests and immediately resign from the Federal Reserve,"the Senators concluded.

Senators Angela Alsobrooks (D-MD), Lisa Blunt Rochester (D-DE), Catherine Cortez Masto (D-NV), Andy Kim (D-NJ), Tina Smith (D-MN), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), and Mark Warner (D-VA) also signed the letter.

Last year, Senator Gallego introduced theFed Integrity and Independence Actto prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence. The bill came after the SenatorquestionedMiran about his commitment to preserving the independent, nonpolitical role of the Federal Reserve during his confirmation hearing.

Senator Gallego has also introduced the bipartisanFed Forward Actto strengthen transparency, accountability, and public confidence in the Federal Reserve by codifying key communication and governance practices that are not currently required by statute.