MNI BRIEF: Miran Says He Won't Play A Part In Fed Chair Search

Federal Reserve Governor Stephen Miran emphasized the importance of an independent U.S. central bank Tuesday, and said he will not be playing a part in the search for the next Fed chair. 

The Fed governor was asked about being potentially selected to serve as Fed chair and whether he has talked with President Donald Trump about the prospect. "I've not spoken to anyone about that nor do I intend to involve myself in that process in any way," Miran said. 

"It's important that the Fed engage in monetary policy in a way that's insulated from the political cycle," Miran added. "That means setting policy to achieve the mandates that the Congress assigned to the Fed."

He repeated that achieving long term moderate interest rates are going to be achieved by accomplishing full employment and stable prices. 

"The size of the balance sheet is downstream of the regulatory environment you're in," he said in an Q&A at a Deutsche Bank 2025 Fall Macro Conference. "My view is that the balance sheet is sort of the symptom, not the cause. What we first need to do is figure out right sizing the regulatory apparatus and making sure that we have a sensible bank regulatory regime, and only then think about what's the right size of the balance sheet."

Miran was also asked about past writing that he's published about the reform of the Federal Reserve System and he said Tuesday it is not something the Fed itself should discussing. "Any reform agenda to the Fed is something that the Congress take up and and the democratic authority for changing something like that is vested in the legislature and in the elected representatives, the people, not in the Federal Reserve," he said.