Political Quotes

“I rise in opposition to President Trump's nomination of Stephen Miran to be a Governor of the Federal Reserve Board. The Federal Reserve is among the most important economic institutions in the world, let alone the United States. Simply put, it is authorized to create money and determine the cost of that money by setting interest rates, all with a goal of achieving maximum employment and stable prices. When its seven Board members have a degree of protection from political interference, then the Fed is better able to contribute to sound economic policy of the Nation. That is because they have freedom to make tough decisions that may not be favored by the White House but that are necessary to achieve the Fed's dual mandate. It is unfortunate that Dr. Miran demonstrated at his nomination hearing that he is a political partisan and that he will be President Trump's man at the Fed. As if to emphasize the point, Dr. Miran intends to perform this job while 'on leave' from his current position as the Chair of the Council of Economic Advisers at the White House. In other words, he will be keeping his job as the President's chief economic adviser while being able to vote on interest rates. An architect of President Trump's tariffs, which have stoked inflation and under which American families and businesses are suffering every single day, Dr. Miran will now have one foot in the Fed and the other foot in the White House.”