Trump ally Stephen Miran vows to preserve Fed’s independence

President Trump’s pick for Fed governor vowed on Thursday to preserve the central bank’s independence amid the battle between the president and Fed Chairman Jerome Powell over interest rates.

Stephen Miran, the 42-year-old economist who leads the White House’s Council of Economic Advisers, told his Senate confirmation hearing that he would not be taking marching orders from anybody when helping to set US monetary policy.

“I will act independently as the Federal Reserve always does,” Miran told lawmakers in Washington D.C. at a hearing that comes after the shock resignation of Joe Biden appointee Adriana Kugler.

His comments came just an hour before the Department of Justice said it was opening an investigation into Kugler’s former counterpart, Lisa Cook, another Biden-era nominee, for alleged mortgage fraud.

Trump has said he is firing Cook over the accusations, but she has refused to step down and sued to block her from being ousted from the job she took in 2022.

She denies the claims against her, but Federal Housing Finance Agency director Bill Pulte says she listed multiple properties as her primary residence to allegedly obtain more generous terms on her home loans.

This is a developing news story. Check back for futher updates.