Miran Says He Intends to Preserve the Fed's Independence

Monetary Policy Objectives - The Council of Economic Advisers (CEA) advises on fiscal and regulatory policies to achieve full employment and stable prices [1] - The Federal Reserve (Fed) also aims to advance America's economic prosperity, mirroring goals in the Employment Act of 1946 and the Full Employment and Balanced Growth Act of 1978 [2] - Congress tasked the Fed with pursuing price stability, maximum employment, and moderate long-term interest rates [10] Central Bank Independence and Role - Independence of monetary policy is critical for the central bank's success in preventing depressions and hyperinflation [6] - The Federal Open Market Committee (FOMC) is an independent group with a monumental task, and its independence should be preserved [8] - The Fed's role in safeguarding the financial system is of paramount importance [6] - The Fed manages financial system liquidity, oversees global financial institutions, and sets varying prices of money for borrowers and lenders [8][9] Economic Impact - Monetary policy and market structure significantly influence the price and availability of credit, impacting major decisions like purchasing a car or home [4][5] - Effective monetary policy is critical to the well-functioning of the economy, the preservation of America's robust capital markets, and the growing prosperity of the nation [10]