Ahead of Fed Nominee’s Confirmation Vote, Warren Presses Miran on the Role of Trump Administration’s Tariffs on Higher Consumer Prices

Ahead of Fed Nominee's Confirmation Vote, Warren Presses Miran on the Role of Trump Administration's Tariffs on Higher Consumer Prices

Miran: "I mean sure, you know, eventually, you know, a meteor is going to strike, or whatever. But we've been waiting…and that evidence has just not emerged"

Warren: "And, to return to your July metaphor: it appears that a meteor has struck-with American households paying the price."

Text of Letter (PDF)

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Stephen Miran, President Trump's nominee to the Board of Governors of the Federal Reserve with questions about the role the Trump Administration's tariffs have played in increasing consumer prices. This request comes after the release of August Consumer Price Index (CPI) data, which showed inflation accelerating for groceries and other tariff-impacted goods, and Miran's previous remarks comparing the likelihood that President Trump's tariffs would increase costs for American consumers to a "meteor strike." Miran currently serves in the White House as Chair of the Council of Economic Advisers.

"President Trump's tariffs have 'contributed to the uptick in overall inflation,'" wrote Ranking Member Warren. "The new CPI data shows that '(m)any types of goods that rely heavily on imports saw significant price hikes'; some companies, meanwhile, are now reporting that they are 'passing on tariff-related costs to consumers' after months of absorbing the costs themselves."

The Ranking Member continued: "If confirmed as a Member of the Board of Governors of the Federal Reserve, it will be your job to evaluate economic data and listen to what businesses and consumers are experiencing. And, to return to your July metaphor: it appears that a meteor has struck - with American households paying the price."

Ranking Member Warren concluded by calling on Dr. Miran to respond to questions on September CPI numbers: "As the Senate prepares to vote on your nomination, your reaction to September CPI numbers will help inform lawmakers as they weigh their votes and evaluate whether you will truly be an independent voice on the Fed Board - or whether you'll remain a spokesperson for President Trump who ignores the real impact of his policies, which you've helped design, on businesses, workers, and consumers."

Senator Warren's letter comes ahead of Dr. Miran's floor vote to be confirmed to the Federal Reserve Board of Governors. Senator Warren has also raised concerns ondiscrepancies in Dr. Miran's financial disclosures and his failure to demonstrate his independence from Trump.

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