Cortez Masto Statement Opposing Stephen Miran, Trump Administration Nominee for the Federal Reserve

Washington, D.C. - Today, U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement on the Senate Banking, Housing, and Urban Affairs Committee's vote to report Stephen Miran's nomination favorably out of committee with only Republican support. In an effort to erode the independence of the Federal Reserve and push the nation's central bank to prioritize his own political interests, President Trump is seeking to install Miran on the Federal Reserve's Board of Governors.

"The Fed's independence is more than just a suggestion - it's vital to maintaining the institution's role as caretaker of our economy," said Senator Cortez Masto. "Miran - both through the circumstances of his nomination and in his statements to the committee - has not proven that he will maintain his independence. I will not vote to confirm Stephan Miran, and by continuing to go through the process, Senate Republicans are complicit in Donald Trump's lawless attempt to politicize the Federal Reserve."

Earlier this week, the Senator joined Senator Jack Reed (D-R.I.) and six of her Senate Banking Committee colleagues in calling on Miran to resign from the White House Council of Economic Advisors should he be confirmed to the Fed. The members of the Banking Committee also demanded that Miran provide the legal analysis he described in his testimony that purportedly offers legal justification for this dangerous arrangement and how it would preserve the independence of the Federal Reserve. Read the full letter here.

During Miran's confirmation hearing last week, the Senator pushed him to clarify his prior statements on tariffs and the negative impacts they would have on small businesses and American consumers - which he failed to do. Watch the full clip here.

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