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Stephen Miran to pledge upholding Fed independence at nomination hearing Thursday

Jennifer Schonberger • Senior Reporter
Updated Thu, September 4, 2025 at 4:59 AM EDT 5 min read

When the Senate Banking Committee holds a Thursday confirmation hearing for Stephen Miran to be a governor on the Federal Reserve Board, the central bank's independence is expected to take center stage.

Miran's nomination to replace former Fed governor Adriana Kugler's seat was always a chance for President Trump to shape the Federal Reserve. But with the president's contested firing of Fed governor Lisa Cook, the hearing will become much more heated — with a sharp focus on what Miran will say and how lawmakers will react.

In his testimony, Miran will pledge to uphold central bank independence.

"In my view, the most important job of the central bank is to prevent depressions and hyperinflations," Miran will tell lawmakers in testimony, according to prepared remarks released by the Senate Banking Committee on Wednesday. "Independence of monetary policy is a critical element for its success."

"The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability," he added.

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