The tradition of making promises in politics never ends. Candidates for high office will pledge just about anything. Now Steven Miran, nominated by US President Donald Trump to fill a vacant seat on the Fed's board of governors, has vowed to uphold the central bank's dual mandate and preserve its independence. But will he succeed?
According to documents published on the Senate Banking Committee's website, Miran expressed his commitment to fulfilling the Fed's duties of ensuring price stability and full employment in the US economy. Could he be a worthy successor to Fed Chair Jerome Powell?
"My opinions and decisions will be based on my analysis of the macroeconomy and what's best for its long-term stewardship," Miran emphasized in remarks prepared ahead of his Senate confirmation hearing.
Miran currently serves as an economic advisor to the White House. In his statement, he stressed the importance of the Federal Open Market Committee's autonomy, describing it as "an independent body with a monumental task." "I intend to preserve that independence and serve the American people to the best of my ability," he pledged.
