Fed governor nominee Milan pledges to uphold central bank independence

According to Odaily Odaily, the U.S. Senate Banking Committee will hold a hearing for Stephen Milan, Trump's nominee for the Federal Reserve Board of Governors, on Thursday morning local time. In his pre-submitted testimony, Milan stated, "In my view, the central bank's most important mission is to prevent economic depression and hyperinflation. Monetary policy independence is a key element to its success." Milan stated, "If confirmed, I intend to faithfully carry out my duties in accordance with the mandate granted by Congress. My opinions and decisions will be based on macroeconomic analysis and judgment about what is best for long-term management. The Federal Open Market Committee is an independent body with a significant mandate, and I intend to maintain that independence and serve the American people to the best of my ability." However, Milan also raised questions about the Fed's oversight of activities outside of its dual mandate, including its balance sheet. He stated, "The Federal Reserve oversees the world's most important financial institutions. It sets different prices for borrowers and lenders (including other central banks). The ultimate composition of the Fed's balance sheet is an open question." (Jinshi)