Stephen Miran, President Trump's nominee for the Federal Reserve Board, stated he would remain a White House employee even if confirmed, taking unpaid leave from his current role. This sparked concerns about the Fed's independence, with Democrats criticizing the potential for political influence. Miran insists he'd act independently, but his past writings advocating for increased presidential control over the Fed raise doubts. The hearing highlighted broader tensions between Trump's attempts to influence the Fed and the central bank's efforts to maintain its economic focus, separate from political considerations. Republicans also expressed worry about the potential loss of the Fed's independence.

Prepared by Lauren Mitchell and reviewed by editorial team.