Trump Nominee Plans To Keep White House Job If He's Confirmed For Fed Post

President Donald Trump's nominee to capable a vacancy connected nan Federal Reserve committee said astatine his confirmation proceeding that he does not scheme to time off his position arsenic chair of nan White House Council of Economic Advisers if he's confirmed.

Stephen Miran was nominated by nan president past month to decorativeness retired erstwhile Federal Reserve politician Adriana Kugler’s 14-year term, which ends successful January. Kugler resigned early, and will return to Georgetown University’s module this fall.

At nan Senate Banking Committee hearing, Miran was asked by Sen. Jack Reed, D-R.I., astir whether he would resign from nan White House if confirmed to nan position pinch nan independent Federal Reserve.

"If you are confirmed will you resign from nan council?" Reed asked.

"I person received proposal from counsel that what is required is an unpaid time off of absence from nan Council of Economic Advisers," Miran answered. "And so, considering nan word for which I’m being nominated is simply a small spot much 4 months, that is what I will beryllium taking."

Reed responded that Miran's "independence has already been earnestly compromised by your statement. You are going to beryllium technically an worker of nan president of nan United States, but an independent personnel of nan committee of nan Federal Reserve? That’s ridiculous."

A spokesperson for nan White House did not instantly respond to NBC News' petition for remark astir Miran's plans.

Trump has spent overmuch of his 2nd word directing his ire astatine nan Federal Reserve and its chair, Jerome Powell, complete nan independent cardinal bank's reluctance to little liking rates — a move nan president believes is important to boosting nan U.S. economy.

Critics of Trump’s efforts opportunity it’s important that nan Fed stay independent from governmental unit successful bid to make sometimes-difficult decisions astir liking rates.

Trump has gone truthful acold arsenic to telephone Powell a “low IQ” personification and “very stupid.” He besides has branded nan chair pinch nan nickname "Too Late" Powell complete what nan president believes has been his slowness to enactment connected liking rates.

Trump besides sought to region Federal Reserve politician Lisa Cook, an appointee of erstwhile President Joe Biden, past period after alleging she mightiness person committed owe fraud — a move that immoderate of nan president's critics person interpreted arsenic motivated by his desire to summation much power complete Fed argumentation done nan assignment of much Republicans.

That spurred Cook, who has denied nan allegations, to record a lawsuit to conflict nan effort to region her, which could find nan circumstances nether which nan president is allowed to occurrence members of nan Federal Reserve Board.

After Reed's questions astatine Thursday's hearing, Sen. Andy Kim, D-N.J., again raised nan rumor of a imaginable conflict of liking successful Miran's determination not to resign from nan White House if he's confirmed to service astatine nan Fed.

“If I heard you correctly, if you are confirmed to this, you are not going to resign from your existent position astatine nan White House?" Kim asked?

Miran repeated almost verbatim what he told Reed, saying, "I person been advised by counsel that nan ineligible attack is to return an unpaid time off of absence from nan Council of Economic Advisers, cease my CEA activities, and if counsel advises maine otherwise, I will travel nan rule and travel counsel’s advice."

That drew a chuckle from Kim, who said, "I conjecture I conscionable wanted to inquire you, why did counsel counsel you successful that way? You person each correct to say, ‘No, I’m going to resign.’"

When Miran past said he did not person nan ineligible expertise himself to disregard nan counsel's advice, Kim rejoined, "You tin find your ain career, you cognize that, right?"

The New Jersey legislator past asked whether Miran would spell backmost to nan Council of Economic Advisers aft his little term, prompting Miran to answer, "Well, I don’t cognize what will happen.

"The word for which I’ve been nominated is four-and-a-half months," he continued. "If I americium nominated and confirmed for a longer word than conscionable a fistful of months, I would perfectly resign."

Kim slammed Miran's answer, questioning whether authorities would power his decisions astatine nan Federal Reserve fixed that nan president would erstwhile again beryllium his leader if he returned to nan White House aft a little word astatine nan Fed.

"You could very good beryllium continuing to enactment successful a measurement that is successful nan governmental liking of nan president because you cognize he is going to beryllium your early leader again astatine nan White House," Kim said. He added later, "Why do you moreover want this occupation astatine nan Fed for 4 months if you’re conscionable hedging your bets and conscionable continuing to clasp your position astatine nan White House?"

Both Kim and Reed brought up Miran's past written remarks astir nan worth of an independent Federal Reserve arsenic they questioned his scheme not to resign.

"You're fundamentally surviving impervious of nan disapproval you lodged against nan Federal Reserve," Reed told Miran.

But Miran defended himself repeatedly, maintaining his position that nan Federal Reserve should run independently of nan White House.

"If I americium confirmed to nan Federal Reserve, I'll make it my extremity to support nan Federal Reserve to its halfway missions," Miran said.

Later, he reiterated, "It's important for nan Federal Reserve to beryllium insulated from nan governmental cycle."