Warren Presses Miran on Discrepancies in Financial Disclosures, Relationship with For-Profit University

Warren Presses Miran on Discrepancies in Financial Disclosures, Relationship with For-Profit University

"The ambiguities described below raise serious questions about both your ability to maintain independence as a financial regulator and the influence that corporate interests have on the decisions you would make on behalf of Americans across the country."

Letter to Miran here

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to President Trump's Federal Reserve Board of Governors Nominee Stephen Miran ahead of his committee markup tomorrow morning with questions about his financial disclosures that he failed to address in his responses to Senator Warren's Questions for the Record.

"Transparency is central to the credibility of the Federal Reserve, and members of the Board of Governors are expected to hold themselves to the 'highest ethical standards.' In addition to being subject to the 'same ethics rules as other executive branch employees,' members of the Board of Governors are also subject to 'Federal Reserve-specific rules' that aim to preserve 'public confidence in the impartiality of (the Fed's) decisionmaking processes,"' wrote Ranking Member Warren.

Ranking Member Warren continued: "In your February 26, 2025, disclosure, you reported that your spouse collected $1.4 million in income from ECPI. In your September 3, 2025, disclosure, you reported the income from this source as $457,954. Particularly given the history of reputational quality issues, underhanded operations, and opaque funding structures associated with for-profit universities, the nature of your spouse's-and by extension your-relationship with ECPI deserves full clarity. Further, the discrepancy raises questions about the reason for the change and the accuracy of the disclosures in your OGE forms."

"The Fed's independence is grounded in the belief that its decisions are made free from undue influence or personal financial interest. Any suggestion otherwise risks undermining confidence in the central bank at a time when its credibility is vital. It is essential that members of the Senate Banking Committee, and all U.S. Senators, fully understand the scope of your financial interests as it considers your nomination to the Fed," the Ranking Member concluded.

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