The Senate Banking Committee hearing on Miran's nomination comes as Trump steps up efforts, including an unprecedented attempt to remove a sitting Fed governor, to exert control over the central bank. The Fed's ability to manage inflation effectively is widely seen as requiring freedom from political influence over interest-rate decisions.

White House economist Stephen Miran was quizzed by senators about whether he could make decisions independently of President Trump, if he's confirmed to a seat on the Federal Reserve's governing board.

Stephen Miran, President Donald Trump’s pick to join the Federal Reserve Board, says he'd remain a White House employee even if the Senate confirms him to fill an unexpired term at the central bank.

If a judge temporarily allows her to stay on the Fed board, Lisa Cook faces unresolved allegations and political pressure that could complicate her job.