The question of Federal Reserve independence took center stage Thursday at the confirmation hearing of Stephen Miran, chair of the White House Council of Economic Advisers, whom President Trump nominated for a seat on the Fed board of governors.

Both Democrats and Republicans on the Senate Banking Committee wanted to know if Miran would be able to make decisions independent of the preferences of a sitting president — an urgent question following Trump's unprecedented pressure campaign.

Trump has been telling the central bank to cut interest rates since he took office. He’s berated Chair Jerome Powell, ordered the firing of Fed board member Lisa Cook and said he’s actively seeking a majority on the interest rate-setting committee that will do what he wants.

While central banks have long faced political pressures, Trump’s attacks have flouted the Fed’s traditional independence, raising concerns about inflation and the demotion of the monetary authority to a political tool.

Democrats paint Miran as a Trump 'cheerleader' and 'puppet'

Democrats were quick to portray Miran as a Trump loyalist who would do the president’s bidding.

Sen. Elizabeth Warren (D-Mass.) asked him if he believed Trump lost the 2020 election, if he agreed with Trump’s assessment that recent jobs data from the Labor Department were “faked” and if tariffs were causing price increases.

Miran largely sidestepped the questions, saying Congress certified former President Biden as the winner of the last election, the Labor Department has had issues with survey response rates and tariffs were not causing inflation, despite the many economists who have argued they are.

“Every vote he takes will be tainted with the suspicion that he isn’t an honest broker but instead is Donald Trump’s puppet,” Warren said.

Republicans also asked Miran if he would act independently as a Fed governor, which........

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