IN RESPONSE TO WARREN QUESTIONING, FED NOMINEE MIRAN FAILS TO DEMONSTRATE INDEPENDENCE FROM TRUMP

The following information was released by the U.S. Senate Committee on Banking, Housing, and Urban Affairs:

Miran refuses to admit that Donald Trump lost the 2020 election

"Dr. Miran, you have made clear that you will do or say whatever Donald Trump wants. That may be an ok place for political servants, but it takes an axe to Fed independence and will make life far more expensive for American families."

Washington, D.C. Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, questioned Dr. Stephen Miran, nominee to be a Member of the Board of Governors of the Federal Reserve System, on his independence from President Donald Trump at a moment when Trump has launched an all-out assault on the independence of the Federal Reserve, which would make life more expensive for American families. In his responses to Ranking Member Warren, Dr. Miran failed to demonstrate his independence from the President, including by refusing to admit that Donald Trump lost the 2020 election.

Below is the transcript of Ranking Member Warren's questioning:

Ranking Member Warren: Mr. Chairman, I agree with you. I think the independence of the Fed is absolutely paramount, but we cannot ignore the elephant in the room that President Trump has launched an all-out assault on the independence of the Federal Reserve.

Dr. Miran has said that "to pretend that one can easily shift between highly political and allegedly nonpolitical roles without letting political biases inform policy is, at best, naïveand, at worst, sinister."

Sinister? Um, so, that's what you are about to dogo from a highly political role to a non-political role. And since you describe how you'll be informed by your political biases, I think the American people have a right to understand just how independent you areor are not.

So let's measure that a little bit. Dr. Miran, let's start with an easy question to show that you have some independence from the President. Easy, yes or no: did Donald Trump lose the 2020 Presidential election?

Dr. Stephen Miran: (inaudible)

Warren: No, it's a yes or no.

Chair Scott: Microphone on, please.

Warren: And the Chair is going to be tough on time. Yes or no. Did Donald Trump lose the 2020 Presidential election?

Miran: Thank you Senator Warren. Joe Biden was certified by Congress as the President of the United States.

Warren: Right, so did Donald Trump lose that election?

Miran: As I just said, Joe Biden was certified by the Congress...

Warren: Did Donald Trump lose that election? Can you say the words Donald Trump lost that election? Are you independent enough to say that?

Miran: The Congress certified Joe Biden...

Warren: Woo... alright...

Miran: As President of the United States...

Warren: Let me ask you another question, Dr. Miran. The Federal Reserve relies on accurate and unbiased data to make monetary policy, including data produced by the Bureau of Labor Statistics. President Trump recently fired the BLS Commissioner, alleging that she "faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory."

Do you agree with President Trump that the BLS published fake numbers to manipulate the outcome of the 2024 Presidential election?

Miran: Thank you for the question Ranking Member Warren. Look, the data quality from the bureau...

Warren: It is not a question about data quality. Did, as President Trump said, the BLS publish fake numbers to manipulate the outcome of the 2024 presidential election. This is what President Trump said. Is he right? You are the head of the Council of Economic Advisors.

Miran: The Bureau of Labor Statistics data on various measures have deteriorated steadily in quality over time...

Warren: I understand that you may have questions about the data quality, but I want to remind you that when data seem to show that Donald Trump's job numbers were doing well, I did not hear you say a single word about the problem with data quality.

The only time you started questioning data quality was when the numbers showed that his economy was headed in the wrong direction. Let me ask you a question for a third time, we want to understand your independence. Donald Trump stated that the BLS faked the job numbers before the election to try and boost Kamala's chances of victory? Do you agree with that, yes or no?

Miran: The Bureau of Labor Statistics did not take corrective action to improve the quality of steadily deteriorating...

Warren: Do you agree with the statement that they faked numbers?

Miran: I believe they were complacently allowing the data...

Warren: Do you have any evidence that they faked numbers?

Miran: Well as I said moments ago, the data has steadily deteriorated in quality...

Warren: In other words, just two straightforward questions about your independence and you have blown both of them. Let's shift to inflation caused by the President's economic policies, which you have played a key role in designing. You've claimed, for example, that "Consumers thus far have not seen any material macroeconomic increase from tariffs at all." Your statement.

The numbers just don't back you up:

Since January, the cost of groceries is up. The cost of utilities is up. The cost of housing is up. The cost of back-to-school shoes is up. The costs of backpacks and baby-strollers are up and up.

Dr. Miran, the data say costs for basic necessities are going up. But it's not just reported numbers. Fed Governor Waller who President Trump appointed private-sector forecasters, small businesses, and families are all telling us costs are up up up. Do you think those families and data experts are lying?

Miran: Senator, Thank you for the question. I believe your question is conflating relative price increases with inflation...There has been no detectable increase in price level as a result of tariffs

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