U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member presses Federal Reserve Board nominee Stephen Miran on tariffs and higher consumer prices

The U.S. Senate Committee on Banking, Housing and Urban Affairs’ Ranking Member, Senator Elizabeth Warren, sent a letter to Stephen Miran, President Trump’s nominee to the Board of Governors of the Federal Reserve, seeking answers on how the Trump Administration’s tariffs have contributed to higher consumer prices ahead of his confirmation vote. The letter cites August Consumer Price Index (CPI) data showing inflation accelerating for groceries and other tariff-impacted goods, and argues that import-reliant goods saw significant price hikes as some companies began passing tariff-related costs to consumers after previously absorbing them. Warren contrasted the data with Miran’s earlier remarks likening the chance that tariffs would raise consumer costs to a “meteor strike,” and asked for his reaction to September CPI numbers as lawmakers assess whether he would be an independent voice on the Fed Board. Miran currently serves as Chair of the White House Council of Economic Advisers. The letter follows Warren’s separate stated concerns about discrepancies in Miran’s financial disclosures and his independence from President Trump.