Elizabeth Warren Says Trump Fed Nominee Stephen Miran’s ‘Loyalty Is Not To The American People’: Report

Senator Elizabeth Warren reportedly slammed President Donald Trump’s nominee to the Federal Reserve’s Board of Governors, Stephen Miran, saying his loyalty does not lie with the American people.

In an interview with Yahoo Finance, Warren expressed concerns about the implications of a president seizing control of the nation’s central bank.

“He has made clear that his loyalty is not to the American people, not to the numbers, not to independence, but to saying whatever it is that Donald Trump wants him to say,” Warren said in the interview.

Warren, who is also the ranking member on the Senate Banking Committee, said that when a president takes over the country’s central bank, “inflation shoots through the roof because people have no confidence in the economic decision maker.” She said this happens because people believe the central bank is just another political actor, and that it will “cost every American,” according to the report.

This comes at a time when President Trump attempted to fire Federal Reserve Governor Lisa Cook from her position over allegations of mortgage fraud. “You are hereby removed from your position on the Board of Governors of the Federal Reserve, effectively immediately,” Trump said in a letter addressed to Cook in August.

Bill Pulte, a Trump ally and the Federal Housing Finance Agency director, said in August that he had learned of new evidence of Federal Reserve Governor Lisa Cook’s “deceitfulness.” This was after Cook filed a lawsuit challenging Trump’s decision.

Meanwhile, U.S. equities edged up in Thursday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.34%, while the Invesco QQQ Trust (QQQ) gained 0.3%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was up 0.23% at the time of writing.

Also See: US Jobless Claims Rise To Highest Levels Since June

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