"Fed Whisperer": Miran Criticized "Revolving Door" Between Fed and Executive Branch Last Year

Xinhua Finance, Beijing, August 8 — The "Fed Whisperer" Nick Timiraos noted that Stephen Miran, Trump's nominee for the Federal Reserve Board, has been a staunch supporter of the former president's economic agenda and strongly criticized the Fed's decision to cut rates last year.

Last year, Miran criticized the "revolving door" between the Fed and the executive branch (the frequent movement of officials between government, regulatory agencies, and the private sector). "Severing the revolving door between the Fed and the executive branch is critical to reducing incentives for officials to act for the president's short-term political interests."

In a paper, he called for comprehensive legislative reforms to the Fed's governance system, arguing that the current framework fails to ensure political neutrality. Specific proposals include allowing the president to remove Fed governors for any reason and imposing a four-year ban on Fed officials joining the executive branch.