Stephen Miran, President Trump's pick for an opening on the Federal Reserve board, is expected to tell senators that "independence" is crucial to the central bank's mission during his confirmation hearing Thursday.

"In my view, the most important job of the central bank is to prevent depressions and hyperinflations," Miran wrote in his prepared remarks submitted to the Senate Banking Committee before its 10 a.m. hearing. "Independence of monetary policy is a critical element for its success."

Miran, who is currently serving as chair of the White House's Council of Economic Advisers (CEA), has been nominated to fill the remaining term of former Fed governor Adriana Kugler, who abruptly resigned last month without citing a reason. The appointment ends in January.

The Senate confirmed Mira

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