Federal Reserve Governor Stephen Miran said Monday that he will be “as independent as I can” while serving at the nation’s central bank, even as he takes a leave of absence from his role within the Trump administration.
During a discussion at the Economic Club of New York, Miran emphasized that his policy decisions would be based on economic data and the Federal Reserve’s dual mandate—the responsibility to promote both maximum employment and stable prices—rather than being swayed by political pressure, even if that pressure were to come directly from President Donald Trump.
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When asked how he would respond if Trump personally called and directed him to take certain actions at the Federal Reserve, Miran said he would “respectfully” listen and “consider his argument” on financial policy, but ultimately he would make his own decision.
Miran said though, that Trump has “never asked me to set policy in a specific way.”
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Trump tapped Miran, who leads the White House Council of Economic Advisers, on Aug. 7 to fill the seat vacated by Federal Reserve Governor Adriana Kugler, who resigned in August. He will finish the remainder of Kugler’s term, which ends on Jan. 31, 2026.
Miran, a veteran of both Trump administrations, said he will take a leave of absence from the White House while at the Federal Reserve.
The Senate narrowly confirmed Miran on Sept. 15, a day before the Federal Reserve’s crucial rate-setting meeting.
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The two-day Federal Open Market Committee (FOMC) meeting determines interest rates that ripple through the economy, shaping what Americans pay on mortgages, auto loans, and credit cards.
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During last week’s FOMC meeting, Miran was the sole dissenter in the 11-1 decision to reduce interest rates by a quarter percentage point.
For months, Trump has pressed Federal Reserve Chairman Jerome Powell to cut rates in order to help spur the nation’s economic growth.
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