Democracy Dies in Darkness

Stephen Miran was on the Board of Governors while taking a leave of absence from the White House, highlighting tensions between government roles and central bank independence.

On July 5, 2026, Stephen Miran testified during a Senate Banking Committee hearing about his nomination to be a Board member of the Federal Reserve in September 2025. The image captured by Mariam Zuhaib for AP depicts the significance of such appointments in shaping monetary policy.

Federal Reserve governors retain a measure of job security. They cannot be dismissed by the president at will. This aspect of Federal Reserve governance was underscored in a Supreme Court case hailed for safeguarding monetary policy.

Despite this preservation of independence, former President Donald Trump attempted to remove Lisa Cook from her position. This event signaled an ongoing erosion of the foundational principle of autonomy in central banking.