Federal Reserve Governor Stephen Miran said Wednesday that it was inappropriate for prominent central bank officials from around the world to publicly defend Fed Chair Jerome Powell amid a Department of Justice criminal investigation.
Miran, who was appointed by President Donald Trump, made the remarks at an economics conference in Athens, Greece, criticizing a letter signed by the heads of the European Central Bank and central banks in the United Kingdom, Sweden, Denmark, Switzerland, Australia, Canada, South Korea, and Brazil, The Wall Street Journal reported.
The letter expressed "solidarity" with Powell and emphasized the importance of central bank independence.
"I don’t think it’s appropriate for central bankers to get involved in non-monetary-policy issues in their own country, and I think it’s even less appropriate in other countries," Miran said.
The comments came after the Federal Reserve disclosed Sunday that it received subpoenas from the DOJ related to testimony Powell gave to Congress last summer regarding renovations of the Fed’s Washington, D.C., headquarters.
Multiple media outlets have described the matter as a criminal investigation, though no charges have been filed.
Powell has argued that the investigation is a pretext for Trump to gain leverage over the Fed as he pushes for steeper interest-rate cuts.
Miran did not directly address the merits of the investigation, but his remarks marked a departure from how other top Fed officials have discussed the issue in recent days, the Journal reported.
Chicago Fed President Austan Goolsbee, a Democrat, told NPR on Wednesday that Powell, a Republican, is "a first-ballot Hall of Fame Fed chair."
John Williams, president of the New York Fed, said Monday at the Council on Foreign Relations that Powell is "a man of impeccable integrity."
Neel Kashkari, president of the Minneapolis Fed, told The New York Times that the investigation is part of a White House pressure campaign over interest rates.
He also said the Fed must remain insulated from political interference.
Economists have long argued that when monetary policy is influenced by politics, central banks may avoid necessary but unpopular decisions needed to control inflation.
Miran rejected the idea that the DOJ investigation could undermine the Fed’s credibility in fighting inflation, according to the Journal.
JPMorgan Chase CEO Jamie Dimon warned Tuesday that such investigations risk damaging confidence in the central bank.
"I don’t really buy that," Miran said. "I think that inflation is very much headed in the right direction."
Miran said broader economic forces, including moderating housing costs, are likely to push inflation lower and outweigh political debates over the Fed’s independence.
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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