Financial Times: Democrats demand Donald Trump nominee commit to Fed’s independence

Democrats are demanding that Donald Trump’s nominee to be a top US economic adviser commit to the independence of the Federal Reserve, as Congress scrutinises the president’s efforts to gain more control over the central bank.

Elizabeth Warren, the top Democrat on the Senate banking committee, has sent a letter to the White House asking Stephen Miran, Trump’s nominee to chair the Council of Economic Advisers (CEA), whether he would “commit to supporting the Fed’s independence from political influence”. 

The letter, dated February 21 and seen by the Financial Times, comes ahead of Miran’s confirmation hearing before the committee in the Republican-controlled Senate on Thursday.

Trump has used the first month of his second term to expand the reach of his executive powers, including by tightening White House control over independent agencies and regulators.

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