Exclusive — Sen. Tim Scott: Stephen Miran’s Confirmation to Fed Will Guide U.S. to ‘Stronger Domestic Production,’ Reduction in Trade Imbalances

Senate Banking Committee Chairman Tim Scott (R-SC) on Monday told Breitbart News that confirming White House Council of Economic Advisers (CEA) Chairman Stephen Miran to the Federal Reserve Board will help guide the country to “stronger domestic production” and lower trade imbalances.

The Senate voted 48-47 on party lines to confirm Miran to the board of the nation’s central bank. Miran’s confirmation represents a change to the ideological orthodoxy that has largely controlled the nation’s central bank.

Scott said that confirming Miran would help realign the Fed away from politics.

“One of the fastest ways, in my opinion, to take politics out of the Fed is to get new governors at the Fed. And frankly, you think about the last time we saw a rate cut, it was right before the last election, which, to me, seems to only reinforce the political nature of the current Fed,” he told Breitbart News.

“I think it brings that objective voice to the table, certainly, as I spoke with Stephen, he and the President share a similar philosophy. That’s why he’s the chairman of this CEA, but at the end of the day, what we want is someone who can follow the facts,” he continued.

The South Carolina senator remarked, “I think he will guide us to a stronger domestic production. I think we’ll see a reduction in trade imbalances, and we’ll continue to see, because of his leadership, bolstering economic resilience.”

Breitbart News Economics Editor John Carney wrote about how Miran has sought to more actively manage the dollar to help boost American competitiveness:

In 2024, Miran authored what became known as the Mar-a-Lago Accord, a paper that urged policymakers to consider more active management of the dollar in order to boost American competitiveness abroad. Rather than treating exchange rates as untouchable, Miran argued they should be seen as a lever for supporting exports, rebalancing trade, and encouraging domestic production. Admirers saw the proposal as a creative revival of long-standing debates over currency strategy, akin to the Plaza Accord of 1985, but tailored to the challenges of today’s global economy.

“As chairman of the Banking Committee, I thought to myself, what is in the best interest of America’s economy? And the answer was simple, getting Stephen Miran confirmed, frankly, in nearly record time. And, we were able to do so because we had all hands on deck,” he said about Senate Banking Committee’s efforts to confirm Miran to the Fed just before the Fed’s two-day meeting that starts on Tuesday.

Scott said that lowering interest rates would help Americans struggling with high borrowing costs.

“At the end of the day, if you don’t think about red and blue, you think about the American people and those families sitting at a kitchen table struggling to make their ends meet. How do you help them out? Well, you put the people on the in positions of power and influence that will hopefully see the writing on the wall. Our unemployment is nearly at full employment, which is around 4 percent, and, frankly, our inflation’s under 3 percent, so what’s the next lever that needs to be pulled?”

He added, “For me, it’s interest rates, and so I’m hopeful and optimistic that as these interest rates come down, it will breed more confidence into our economy that will drive more activity, and that activity, which is like competition in the marketplace, will also have a positive impact on prices … So I think we’re going to see prices go down.”