The U.S. Senate Committee on Banking, Housing and Urban Affairs’ Democratic Ranking Member, Senator Elizabeth Warren, published her opening remarks from a nomination hearing for five Trump Administration nominees, including Dr. Stephen Miran to be a Member of the Board of Governors of the Federal Reserve System. Warren argued the Committee should postpone Miran’s hearing and instead hold an oversight hearing into what she described as President Trump’s attempts to intimidate Federal Reserve leadership and undermine central bank independence. Warren alleged Trump threatened to fire Federal Reserve Chair Jerome Powell and illegally attempted to remove Federal Reserve Governor Lisa Cook as part of an effort to seize control of the Fed, warning that politicised decision-making would damage credibility and raise long-run costs for families. She linked Miran’s nomination to a push for rapid confirmation ahead of the September Federal Reserve meeting, and criticised Miran’s record as Chair of the Council of Economic Advisers, including his role in tariff policy design and support for the “One Beautiful Bill,” which she said would cut health coverage for 15 million people and increase household electricity prices by up to 18% over the next decade.

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