Responses to Questions for the Record from Ranking Member Warren — Nomination of Dr. Stephen Miran

Archived source: Responses to Questions for the Record from Ranking Member Warren — Nomination of Dr. Stephen Miran. Captured from www.banking.senate.gov.

Cited in: Stephen I. Miran

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September 7, 2025

Dr. Stephen Miran
Member Designate
Board of Governors of the Federal Reserve System

Dear Dr. Miran:

Thank you for testifying before the United States Senate Committee on Banking,
Housing, and Urban Affairs on September 4, 2025, at our hearing to consider nominations.

To complete the hearing record, we would appreciate your answers to the enclosed
questions by September 8, 2025, at 10:00AM. When formatting your response, please repeat the
question, then your answer, single spacing both question and answer. Please do not use all
capitals.

Send your reply to Mr. Evan Griffis, the Committee’s Chief Clerk. He will transmit
copies to the appropriate offices, including the Committee’s publications office. Due to current
procedures regarding Senate mail, it is recommended that you send replies via e-mail in a
Microsoft Word or PDF attachment to Evan_Grffis@banking.senate.gov.

If you have any questions about this letter, please contact Mr. Griffis at (202) 224-5587.

Sincerely,

Tim Scott
Chairman
Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Questions for Dr. Stephen Miran, to be a Member, Board of Governors of the Federal
Reserve System, from Ranking Member Elizabeth Warren:

Public Integrity

1. Will you commit to recuse yourself from any matters involving your former employers or
clients while serving at the Federal Reserve?

Answer: I commit to following the law and the Federal Reserve’s ethics guidance with
respect to appropriately recusing myself from matters involving my former employers or
clients.

2. For at least 4 years after leaving the Federal Reserve, will you not seek employment or
compensation from (1) any entity that you personally and substantially interacted with in
your role as Governor and (2) from any entity that lobbies the Federal Reserve?

Answer: I commit to following the law and the Federal Reserve’s ethics guidance with
respect to seeking employment or compensation from the above entities following my
departure from the Federal Reserve.

3. Do you believe Congress erred in certifying that Joe Biden won the 2020 Presidential
election?

Answer: As a nominee to serve on the Federal Reserve Board of Governors, the activities of
Congress fall outside of my purview.

4. Would you resign from the Federal Reserve Board before the expiration of your term if
President Trump asked you to do so?

Answer: If confirmed, I will execute the duties as a Governor on the Federal Reserve Board
to the best of my abilities.

5. Despite your statement that your term would last for four months, it would in fact last until
confirmation of your successor – and you have not committed to stepping down in January
2026. That means you could serve indefinitely, not just for four months, as both the
President’s chief economic advisors and as a governor on the Federal Reserve.

a. Will you commit to resigning from the Federal Reserve upon the expiration of your
term in January 2026?

Answer: No.

b. If not, will you commit to resigning from the CEA if your Fed term extends beyond
January 2026?

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: If confirmed to the Fed, my decision to take an unpaid leave of absence from
CEA will rely, in large part, on the short duration of the appointment. If I am confirmed
and a successor has not been appointed to my seat on the Fed upon the expiration of the
term in January 2026, I will reevaluate my decision to take an unpaid leave of absence
from CEA at that time, taking into consideration the relevant facts and circumstances that
are available to me at that time.

6. Please provide details on your proposed leave of absence from the Council of Economic
Advisers.

a. Would you maintain access to your CEA email address?

Answer: I will not maintain access to my CEA email address during my leave of
absence.

b. Would you formally or informally consult with CEA staff or participate in CEA
meetings or discussions?

Answer: I would consult with CEA staff and participate in CEA meetings or discussions
only in my capacity as a member of the Fed and to the extent appropriate for a member of
the Fed in the normal course of business.

c. Will you disclose any conversations you have with the President?

Answer: I will follow applicable law and ethics guidelines applicable to the disclosure of
my conversations with external parties, including the President.

d. Will you disclose any conversations you have with the Vice President, Acting Chair
of the Council of Economic Advisers, or other White House officials?

Answer: I will follow applicable law and ethics guidelines applicable to the disclosure of
my conversations with external parties, including the Vice President, Acting Chairman of
the Council of Economic Advisers, or other White House officials.

7. In a March 2024 paper, you wrote that Fed board members “should be prohibited from
serving in the executive branch for four years following the end of their term.” 1 In
yesterday’s hearing, you attempted to frame this as part of a comprehensive reform package,
but in your paper, you acknowledged that the “proposal can be implemented in a piecemeal
fashion” – implying that individual reforms have merit even without broader changes.

1
Manhattan Institute, “Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,” Dan Katz
and Stephen Miran, March 14, 2024, https://manhattan.institute/article/reform-the-federal-reserves-governance-to-
deliver-better-monetary-outcomes.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

a. Do you intend to follow the standard you outlined in your March 2024 paper and not
return to the CEA or another White House post for four years following the end of
your Federal Reserve tenure?

Answer: I will comply with all post-employment restrictions currently applicable to
members of the Fed board.

b. If not, what specific circumstances of your service make it such that returning to the
White House would not “reduc[e] the incentives for [you] to act in the short-term
political interests of the president”?

Answer: If confirmed to the Federal Reserve, I will act in an independent manner based
on my own analysis of the economy, of economic data, inflation, employment and the
effects of economic policy thereon.

Inflation

8. The President promised to lower costs “on day one.” As Chairman of the Council of
Economic Advisers, please list all recommendations you have made to the President on how
to lower costs for American families.

Answer: I have advised the President on a number of matters, particularly from a fiscal and
regulatory perspective, on the potential inflationary and disinflationary forces that can result
from various policies.

9. Year-over-year core PCE – the Federal Reserve’s preferred measure of inflation – was 2.9%
in July and 2.7% in January. What factors have contributed to the increase in core PCE
inflation since January?

Answer: Year over year core PCE inflation reached 2.9% in February of 2024 and has been little
changed since. Over the past year, increasing goods inflation has offset services disinflation.

a. What categories have experienced the fastest acceleration in inflation since January?

Answer: At any given time, there are idiosyncratic factors that lead to price increases or
decreases for specific items. However, categories with imputed prices tend to be driving overall
PCE. Market-based PCE, which excludes categories without a directly observed market price, is
increasing at a 2.2% annualized rate since January.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

10. You have repeatedly argued that there “continues to be no evidence whatsoever of any tariff-
induced inflation.” 2 Many independent economists, however, have identified tariff costs
passed through to consumers in recent months. 3 What evidence do you have to support your
claims?

Answer: CEA research looked at goods price inflation since the start of year by the import
intensity of the goods categories. High import intensive categories have not had higher inflation
than low import intensive categories. Estimates of passthrough are extremely imprecise and are
highly sensitive to the assumption of the no-tariff counterfactual.

11. In June, core goods inflation reached its highest level since 2022. 4 Additionally, durable
goods increased 1.7% from January to June alone. Outside of the pandemic disruption, that is
the largest six-month price increase in durable goods since 1987. 5
a. What has driven the increase in goods inflation since January?

Answer: The increase in core goods inflation is a global phenomenon, which suggests a
common global cause. After the large pandemic goods-price increases, there was a period of
goods disinflation/deflation which ended last year. The facts that goods inflation is global and
PCE goods inflation in high import intensive categories generally is lower than in low import
intensive categories suggest that tariffs are not a major factor.

12. Since January, electricity inflation has increased 4.7%. 6

a. What factors have contributed to this increase?

Answer: The primary drivers of electricity prices over the last few years have been the
regulatory barriers to expanding new power supply and the cost of maintaining and upgrading
the power grid. It takes new generation projects as long as five years to connect to the grid, and
many key grid components face supply challenges like long wait times and elevated prices.
Streamlining permitting and reducing the compliance costs associated with building new energy
generation sources is critical to reducing electricity and energy costs generally.

2
CNBC, “Fed board contenders Miran, Bullard say Trump’s tariffs are not causing inflation,” Jeff Cox, August 12,
2025, https://www.cnbc.com/2025/08/12/fed-board-contenders-miran-bullard-say-trumps-tariffs-are-not-causing-
inflation.html#:~:text=%22There%20just%20still%20continues%20to,not%20pan%20out%20for%20them.%22.
3
CNN, “‘Sneakflation’: How Trump’s tariffs are gradually raising costs for American consumers,” Alicia Wallace,
August 24, 2025, https://www.cnn.com/2025/08/24/economy/us-tariffs-passthrough-consumers.
4
Staff calculations of BEA’s PCE price index, three-month annualized rate.
5
Staff calculations of BEA’s PCE price index, three-month annualized rate.
6
Federal Reserve Bank of St. Louis, FRED, Consumer Price Index for All Urban Consumers: Electricity in U.S.
City Average, https://fred.stlouisfed.org/series/CUSR0000SEHF01.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

b. Have you made any recommendations to the President on how to bring electricity
costs down?

Answer: Streamlining reviews, permitting, and approvals, as well as reducing the compliance
costs associated with building new energy generation sources is critical to reducing electricity
and energy costs generally. It is also the best way in the near-term to have a substantial impact
on electricity costs. Many such initiatives are already under way. In addition, electricity costs
may benefit from using existing generation, transmission, and distribution assets more
efficiently. This includes delaying retirement of baseload generation that contributes to grid
reliability, and carrying out low-cost, high-value grid upgrades. Expanding the use of low-cost
dispatchable technologies and reshoring critical energy supply chains could further improve
supply and lower costs.

13. How do you view the Fed’s progress toward its 2% inflation target?

Answer: Headline CPI inflation is running at a 1.9% annualized pace since January. Market-
based PCE, which excludes categories without a directly observed market price, is increasing at a
2.2% annualized rate since January.

14. Should the Fed make monetary policy decisions based on what politicians say their policies
will achieve, or on the actual measurable effects those policies have on the economy as they
show up in the data?

Answer: The Fed should make monetary policy decisions based on reasoned analysis as to what
the effects of policies coming into force are likely to be.

15. If you were confirmed, you would have to make decisions in the interest of the Federal
Reserve’s dual mandate – to increase employment and lower prices. If those two sides of the
mandate were to come into conflict, which would you prioritize?

Answer: I would take a balanced approach to addressing the Federal Reserve's mandates. It is
common for economists and monetary policymakers to examine policy rules, which explicitly
state how they would trade off the two goals when they come into conflict, and my inclination
would be to take all the relevant data and evidence into account in considering these tradeoffs.

Labor Market

16. According to the Bureau of Labor Statistics (BLS), monthly non-farm payroll data has
slowed significantly since January, when President Trump took office. In August, the
economy added just 22,000 jobs, well below forecasts and the 143,000 jobs the economy
added in January. The U.S. added an average of nearly 170,000 jobs per month in 2024. In
the first eight months of this year, the US added an average of nearly 75K per month – with
the monthly average dropping to 25,000 in the last four months alone. Additional data,

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

including job opening numbers and continuous jobless claims, suggest that the labor market
is weakening.

a. Do you agree that the labor market weakened in the first half of the year? Please
provide empirical evidence to support your claim.

b. What factors have contributed to the labor market weakening?

Answer: Employment growth this year largely reflects changing net migration. Shifting from an
abjectly open border to negative net migration and reducing federal employment has led to job
creation in the private sector and strong real wage growth in the first half of the year. Tight
monetary policy is likely also negatively affecting labor demand particularly among small- and
medium-sized businesses.

17. According to the Bureau of Labor Statistics’ August 2025 employment report, the
unemployment rate for Black Americans increased to 7.5%, up 1.5 percentage points from
May 2025. 7 What do you believe accounts for the sharp increase in Black unemployment
over those three months?

Answer: Historically, the black unemployment rate has tended to increase at a faster rate than
the white unemployment rate.

18. The President’s immigration policies are reducing labor supply. As CEA chair, how are you
evaluating the effect of the President’s immigration policies on labor market dynamics and
employment outcomes?

Answer: Reductions in labor supply tend to increase real wages. CEA found that wages in
occupations that tend to use more illegal labor have had 5 percent greater increases as illegal
alien outflows have increased.

19. In a speech last week, Federal Reserve Governor Waller said, “Tariff effects on households
and businesses also will weigh on employment. All of this is consistent with what my
business contacts are telling me, which is that they are postponing investment and hiring
because of the uncertainty about how tariffs will affect their input costs and demand for their
products.” 8

a. Do you agree that tariffs are deterring businesses from hiring? Please provide
empirical evidence to support your claim.

7
Bureau of Labor Statistics, “Table A-2. Employment status of the civilian population by race, sex, and age,”
September 5, 2025, https://www.bls.gov/news.release/empsit.t02.htm.
8
Board of Governors of the Federal Reserve System, “Let’s Get On With It,” Speech by Governor Waller, August
28, 2025, https://www.federalreserve.gov/newsevents/speech/waller20250828a.htm.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: Hiring has slowed down this year given negative net migration. Earlier this year, some
businesses may have paused hiring given uncertainty around the tax bill (whether there would be
a large tax hike or not) and tariffs (whether trade deals would be struck or not). As the
uncertainty around both of those issues has been largely resolved, hiring could very well pick up
in the coming months.

Economic Data

20. How reliable are private-sector data compared to data produced by the Federal Government?

Answer: The Federal Reserve has a long history of using private sector data to supplement
government produced data and, broadly, considers all available reliable evidence whether from
private or public sources. For example, from my understanding, the Fed has constructed its own
employment series from ADP microdata and also regularly uses spending data from credit card
companies.

21. As the Chair of the Council of Economic Advisers, have you made recommendations to the
President or anyone else in the Administration about how the BLS could improve data
collection and survey response rates?

Answer: As part of my job as Chairman of the CEA, I’ve considered ways by which the
government may be able to improve data collection and survey response rates.

22. The Federal Reserve relies on accurate and unbiased data to make monetary policy, including
data produced by the Bureau of Labor Statistics. President Trump recently fired the BLS
Commissioner, alleging that she “faked the Jobs Numbers before the Election to try and
boost Kamala’s chances of Victory.”

a. Please provide a written answer with a clear yes or no: Do you agree with President
Trump that the BLS published fake numbers to manipulate the outcome of the 2024
Presidential election?

b. If yes, please provide evidence that leads you to that conclusion.

Answer: I believe the BLS did not take proper or timely steps to address falling survey response
rates.

23. In response to a question about the integrity of BLS’ monthly jobs data on September 4,
2025, President Trump said “The real numbers will be in a year from now.” 9

9
Tweet by Aaron Rupar, September 4, 2025, https://x.com/atrupar/status/1963750669275279559.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

a. Please provide a written answer with a clear yes or no: Do you agree with the
President that the BLS’ monthly jobs data will not be “real” or accurate until
September 2026?

b. If confirmed to the Federal Reserve Board, do you intend to not consider BLS data as
you analyze the state of the economy, prepare your economic forecasts, and make
monetary policy decisions during your tenure? If you do not intend to consider BLS
data, please list the data sources you will consider instead.

c. Will you recommend that the staff of the Federal Reserve Board no longer present
research and analysis that incorporate BLS data, given the President’s declaration that
the BLS data will not be accurate until September 2026?

d. If you remain at the Council of Economic Advisers, what employment data will the
CEA use to evaluate the labor market? Will CEA no longer consider BLS data until
September 2026?

Answer: I will use myriad data sources, including from government sources such as the BLS, to
assess the state of the economy, prepare my economic forecasts, and make monetary policy
decisions during my tenure, if confirmed.

24. According to a September 1, 2025 White House press release, “President Trump has created
over half a million new jobs since he took office — all of them coming in the private
sector.” 10 Which data does this statistic reference?

Answer: The press release appears to be referencing nonfarm payrolls.

25. According to a July 3, 2025 White House press release entitled “June Boom: Jobs Report
Shows the Economy Continues to Soar Under President Trump,” “In June, the U.S. added
147,000 jobs — beating expectations for the fourth straight month.” “The April and May
numbers were revised 16,000 HIGHER.” “The unemployment rate fell to 4.1% — also
beating expectations.” 11 Which data do each of these statistics reference?

Answer: These statistics appear to reference nonfarm payrolls and the U-3 unemployment rate.

Treasuries and the Dollar

10
The White House, “President Trump Is Delivering for American Workers,” September 1, 2025,
https://www.whitehouse.gov/articles/2025/09/president-trump-is-delivering-for-american-workers/.
11
The White House, “June Boom: Jobs Report Shows the Economy Continues to Soar Under President Trump,”
July 3, 2025, https://www.whitehouse.gov/articles/2025/07/june-boom-jobs-report-shows-the-economy-continues-
to-soar-under-president-trump/.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

26. In your November 2024 paper, “A User’s Guide to Restructuring the Global Trading
System,” you proposed that the Treasury impose a “user fee” on foreign official holders of
U.S. Treasury securities that would withhold interest payments on those bonds. 12 You also
propose that Treasury should secure “voluntary cooperation” from the Federal Reserve on
such an arrangement and its help to “contain any unwanted volatility in interest rates.”

a. Under what conditions do you believe it is appropriate for the federal government to
not fully honor its promises on paying interest on government bonds?

b. If confirmed to the Federal Reserve, do you plan to advocate for Treasury to impose
“user fees” on foreign reserve holders and to encourage the Fed to voluntarily
cooperate?

Answer: The paper referenced above was not a policy proposal but rather an evaluation of the
pros and cons of various policies that could influence the United States external accounts. I have
not advocated for these policies nor would I. The paper is a catalogue, not a proposal.

27. In your November 2024 paper, you argue that the “root of the economic imbalances lies in
persistent dollar overvaluation.” 13 President Trump has said that he liked a strong dollar but
“you make a hell of a lot more money” with a weaker one. 14 The Federal Reserve plays a
critical role in ensuring that the dollar remains a stable source of value and a reliable medium
of exchange.

a. Do you believe it would be beneficial for the U.S. to have a weaker dollar?

b. In your view, have President Trump’s economic policies to date resulted in a stronger
or weaker dollar?

Answer: The Federal Reserve does not target a specific level for the dollar. Major indexes
representing the strength of the United States dollar relative to other currencies have fallen year
to date. A primary driver of currency values is often, but not always, relative central bank policy
settings and expected changes thereof relative to prior market expectations.

12
Stephen Miran, “A User’s Guide to Restructuring the Global Trading System,” Hudson Bay Capital, November
2024,
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_t
he_Global_Trading_System.pdf.
13
Id.
14
Reuters, “Trump: strong dollar sounds good but 'you make a hell of a lot more' with a weaker one,” Maiya
Keiden, July 25, 2025, https://www.reuters.com/world/us/trump-strong-dollar-sounds-good-you-make-hell-lot-
more-with-weaker-one-2025-07-25/.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Supervision & Regulation

28. In 2019, the Federal Reserve Board rolled back capital and liquidity rules, stress testing,
resolution planning, and other safeguards for banks with $100 billion - $700 billion in
assets. 15 The level of deregulation in this rule went beyond what was mandated by Congress
in the Economic Growth, Regulatory Relief, and Consumer Protection Act.

a. Do you believe that material stress at, or the failure of, banks with $100 billion - $700
billion in assets can threaten the stability of the U.S. financial system?

b. Do you believe that the 2019 rule played any role in the failure of these three banks
and the broader instability in the banking system in Spring 2023?

Answer: I believe that bank failures can have a negative impact on the U.S. financial system,
including by limiting the provision or creation of credit. I believe the bank failures in Spring
2023 were largely a failure of supervisors to prudently oversee financial risks among large and
growing regional banks with concentrations of uninsured deposits and a failure to recognize how
technological changes have influenced the speed by which deposits can exit a specific institution.

29. The big bank stress testing framework is one of the Fed’s regulatory priorities.

a. What is your understanding of why the stress tests administered to Fannie Mae and
Freddie Mac failed spectacularly before the 2008 financial crisis? Did it have
anything to do with regulatory disclosure of the underlying stress testing models?

b. Do you intend to increase big banks’ static capital requirements to offset any decrease
in capital requirements caused by this disclosure?

c. Are you concerned that banks will use the same models the Fed discloses, increasing
correlations across the banking system and creating more fragility?

Answer: I believe the stress tests have become too much of a black box resulting in volatile
capital requirements that impose significant compliance and capital costs onto the banking
system.

30. In 2023, the banking agencies proposed revisions to the risk-weighted capital framework to
address glaring deficiencies in the existing rules, especially with respect to risky trading

15
Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corporation,
Federal Register Notice, “Changes to Applicability Thresholds for Regulatory Capital and Liquidity Requirements,”
November 1, 2019, https://www.federalregister.gov/documents/2019/11/01/2019-23800/changes-to-applicability-
thresholds-for-regulatory-capital-and-liquidity-requirements.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

activities and the losses banks face due to operational failures. 16 The rule was generally
aligned with the international Basel III “Endgame” agreement. 17

a. Do you believe the Basel Committee on Banking Supervision plays a useful role in
preventing a global race to the bottom on capital rules?

b. Do you believe that financial crises in other countries can spill over to the U.S.
banking system? Has that happened previously in U.S. history?

c. Do you believe banks are currently undercapitalized against significant trading risks
in their capital markets activities?

d. What is the total volume of operational risk losses banks have had in the past 10
years? What part of the capital framework is intended to capture such losses?

e. Do you believe GSIB risk-weighted capital requirements are too low, too high, or just
right? Explain.

f. Do you believe the pandemic demonstrated that big banks had adequate capital, or do
you think their resilience was primarily bolstered by unprecedented monetary and
fiscal support from the government?

Answer: I believe that capital requirements and bank regulations more broadly have become
overextended, thereby limiting trading activity in safe assets such as U.S. government debt and
causing market frictions. Indeed, such stringent requirements failed to prevent several bank
failures in Spring 2023.

31. Recently, the Fed proposed to weaken the enhanced supplementary leverage ratio (eSLR),
one of the most important post-financial crisis improvements to capital requirements for the
eight largest Wall Street banks. This would reduce capital requirements at global
systemically important banks by $210 billion, or 27%. 18

16
Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corporation,
Federal Register Notice, “Regulatory Capital Rule: Large Banking Organizations and Banking Organizations With
Significant Trading Activity,” September 18, 2023, https://www.federalregister.gov/documents/2023/09/18/2023-
19200/regulatory-capital-rule-large-banking-organizations-and-banking-organizations-with-significant.
17
Bank for International Settlements, “Governors and Heads of Supervision finalise Basel III reforms,” press
release, December 7, 2017, https://www.bis.org/press/p171207.htm.
18
Banking Dive, “Fed proposes 27% cut to tier 1 capital requirements,” Dan Ennis, June 26, 2025,
https://www.bankingdive.com/news/eslr-capital-requirements-27-tier-1-bank-holding-company-bowman-
barr/751767/.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

a. Do you believe the eSLR has improved the safety and soundness of the eight Wall
Street banks?

b. Did the 2008 financial crisis and the complete failure of the risk-weighted capital
regime demonstrate that leverage capital requirements are an important safeguard to
ensure the stability of the banking system?

c. If leverage ratios are binding, could that be a sign that risk-weighted capital
requirements are not appropriately calibrated and should be increased?

d. Do you believe that reducing leverage ratios is a better way to address this situation
than increasing risk-weighted capital requirements? If so, please provide the cost-
benefit analysis that you developed to conclude that.

e. Do banks’ investments in Treasury securities carry any liquidity, operational, or
market risk? If Treasury securities were exempted from the leverage ratio, which part
of the capital framework would provide a buffer against losses on Treasury
securities? Do you oppose exempting Treasuries and other assets from the leverage
ratio?

f. Are there any policy options available that could improve the functioning of the
Treasury market without reducing the loss absorbing capital buffers at the largest
banks in the country?

g. In 2020, the Fed published an interim final rule to temporarily exempt Treasury
securities and central bank reserves from the denominator of the Supplementary
Leverage Ratio (SLR) during the pandemic. 19 This type of emergency flexibility was
contemplated when the agencies finalized the SLR in 2014. Did that approach work?
If so, why would a permanent change be necessary?

h. Do you support the Fed’s recent proposal to reduce capital requirements?

Answer: I believe the eSLR has become a binding constraint for large banks when it was
intended to be more of a backstop, in part because of the inclusion of bank reserves and Treasury
securities in its calculation. It has thus discouraged large banks from holding, or facilitating
trading of, U.S. government debt. Excluding these securities from the leverage ratio, or reducing
the capital requirements, is worth contemplating.

19
Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks From the
Supplementary Leverage Ratio, 85 Fed. Reg. 20578, (April 14, 2020),
https://www.federalregister.gov/documents/2020/04/14/2020-07345/temporary-exclusion-of-us-treasury-securities-
and-deposits-at-federal-reserve-banks-from-the.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

32. The banking agencies have begun rolling back safeguards meant to prevent volatility in the
crypto asset markets from causing stress within the core banking system. 20

a. What safeguards are necessary to ensure that stress in the crypto asset market does
not infect the core banking system?

b. Do you believe it’s appropriate to apply heightened liquidity requirements to deposits
placed at banks by a stablecoin issuer? Do you believe there should be concentration
limits placed on a bank’s ability to accept deposits from entities or industries that are
themselves vulnerable to runs?

c. Is it possible for a bank to hold crypto assets on its balance sheet, as principal, in a
safe and sound manner?

d. Do you believe that crypto asset custody activities pose greater risk than custodying
traditional real or financial assets?

e. Does the complexity and scale of the ByBit hack pose any concerns about permitting
banks to custody crypto assets?

f. How can banks ensure that nodes, validators, and other network participants on the
distributed ledgers on which they are participating are not terrorist organizations,
cartels, or sanctioned countries like Russia or Iran?

Answer: I believe that recent legislation related to crypto assets will provide helpful guidance to
banks, market participants, and policymakers around properly banking crypto assets and crypto-
related companies. It’s important for the Federal Reserve to study the growth of new asset
classes such as crypto, and how the financial system may evolve as a result.

33. Community banks have raised concerns that stablecoins could disintermediate them, raising
costs and reducing availability of credit for households and small businesses. 21 Do you share
concerns that the GENIUS Act could help facilitate harmful community bank
disintermediation?

20
Office of the Comptroller of the Currency, “OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency
Activities,” press release, March 7, 2025, https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-
2025-16.html; Federal Deposit Insurance Corporation, “FDIC Clarifies Process for Banks to Engage in Crypto-
Related Activities,” press release, March 28, 2025, https://www.fdic.gov/news/press-releases/2025/fdic-clarifies-
process-banks-engage-crypto-related-activities.
21
Independent Community Bankers of America, “Community Bank Statement for STABLE Act Markup,” April 2,
2025, https://www.icba.org/docs/default-source/icba/advocacy-documents/testimony/icba-statement-for-stable-act-
markup.pdf?sfvrsn=1c30e017_4.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: I believe the banking system values the legislative clarity gained from the GENUIS
Act.

34. Do you have any concerns that the President of the United States issuing his own stablecoin,
USD1, could politicize the payments system?

Answer: I believe the payments system is a complex piece of market infrastructure with various
rails.

35. One of the causes of the 2008 financial crisis was exorbitant executive compensation
packages that incentivized wild risk-taking. 22 If the bets paid off, executives would rake in
tens of millions of dollars. If the bets went bust, the rest of the economy would suffer the
consequences and taxpayers would be required to clean it up. Section 956 of the Dodd-Frank
Act mandated regulators, including the Fed, to jointly prescribe rules prohibiting risky bonus
arrangements. 23 After proposals in 2011, 2016, and 2024, the rule remains unfinished.

a. Do you believe regulators must finalize Congressionally-mandated rules?

b. Do you commit to finalizing a strong executive compensation rule?

c. Do you believe the banking agencies’ 2010 executive compensation guidance,
completed one month before the Dodd-Frank Act was passed, satisfies the legal
requirement to prescribe rules or guidelines under Section 956? Is a guideline a
distinct legal term from guidance under the federal banking laws?

d. Do you believe executive compensation packages played a role in the failure of SVB?

e. As a general matter, do you believe compensation arrangements influence behavior of
bank executives?

Answer: I do not believe executive compensation packages led to the 2008 financial crisis or
failure of SVB.

36. Prior to the 2008 financial crisis, large banks did not adequately plan for their orderly failure,
instead assuming that taxpayers would step in to bail them out or otherwise pick up the
pieces. The Dodd-Frank Act required large banks, and systemically important nonbanks, to
develop “living wills” that outline how they could be resolved under the bankruptcy code

22
ECGI, “The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008,” Lucian A.
Bebchuk, Alma Cohen, and Holger Spamann,” November 26, 2009,
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1513522.
23
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, Section 956.

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

without relying on taxpayer support or placing significant costs on the broader economy
through a disorderly failure. The Federal Reserve Board and FDIC are responsible for
reviewing the living wills. If the plans do not meet the statutory standard, regulators
ultimately have the authority to shrink and simplify the firm so that it is no longer Too-Big-
To-Fail.

a. Do you believe all eight of the global systemically important banks (GSIBs) could be
resolved safely under the bankruptcy code?
i. If so, do you believe the Too-Big-To-Fail (TBTF) problem has been solved?
Do GSIBs not benefit from an implicit government guarantee and enjoy an
unfair funding advantage over community banks?

b. What type of private entity has the capacity to provide debtor-in-possession financing
to a GSIB in bankruptcy?

c. Do you believe that a GSIB that files for bankruptcy would experience runs at its
broker dealer, insured depository, and other subsidiaries that rely on short term
funding?

d. If not through the resolution planning process, what tools would you use to finally
address the TBTF problem?

Answer: I believe the GSIBs are very well capitalized and such an event is highly unlikely.

37. You have stated that the central bank should not be involved in climate change initiatives. 24
However, climate change clearly poses material financial risks to the financial system. More
frequent and severe weather events, and chronic changes to the climate, threaten physical
collateral, undermine cash flows backing a variety of loan types, and could increase losses on
bank balance sheets. 25 In addition, the shift to a low-carbon economy could undermine the
value of loans and bonds tied to carbon-intensive industries. 26 In 2023, the Fed jointly
finalized supervisory principles to ensure banks have appropriate risk management
frameworks to identify and mitigate climate-related financial risks. 27

24
Barron’s, “Fed Shouldn’t Be Weighing In on DEI or Climate Initiatives: Miran,” Megan Leonhardt, September 4,
2025, https://www.barrons.com/livecoverage/trump-fed-miran-senate-hearing-cook/card/fed-shouldn-t-be-weighing-
in-on-dei-or-climate-initiatives-miran-mk508kCHptD782QKqp.
25
Department of the Treasury, Financial Stability Oversight Council, “Report on Climate-Related Financial Risk,”
October 2021, https://home.treasury.gov/system/files/261/FSOC-Climate-Report.pdf.
26
Id.
27
Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corporation,
Federal Register Notice, “Principles for Climate-Related Financial Risk Management for Large Financial

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

a. Do you believe that climate change poses material risks to banks?

b. Do you believe banks should account for climate-related financial risks when
underwriting loans or investing in other debt obligations? For example, should
banks consider sea-level rise and severe storms when underwriting commercial
real-estate loans in coastal regions? Is it appropriate for banks to factor energy
price assumptions into business loans to oil and natural gas companies?

c. Do climate-related disruptions in the availability and affordability of property
insurance have any knock-on effects for banks?

Answer: I do not believe the Federal Reserve should supervise banks’ “climate risk,” nor do I
believe it is the Fed’s job to direct banks how to assess risks when underwriting loans.

38. Secretary Bessent stated that the Treasury “will work with Congress to consider reforms to
deposit insurance, including potentially higher limits for business payment accounts.” 28

a. Do you agree with Secretary Bessent that there should be higher limits for business
payments accounts?

b. Do you believe small businesses should have a completely safe place to keep their
money for payroll, operating expenses, and other transactions?

c. Do you think it is appropriate that large businesses with uninsured deposits at SVB
and Signature Bank were protected by the government, while small businesses with
accounts at local community banks sometimes lose their uninsured deposits when the
bank fails?

d. Would you support bipartisan efforts to increase deposit insurance limits for small
business transaction accounts?

Answer: This would fall under the purview of the FDIC and Treasury.

39. Do you believe that the deterioration of a bank’s reputation could result in negative financial
consequences for the bank? Are you concerned that the FDIC’s and OCC’s recent decisions

Institutions,” October 30, 2023, https://www.federalregister.gov/documents/2023/10/30/2023-23844/principles-for-
climate-related-financial-risk-management-for-large-financial-institutions.
28
Department of the Treasury, “Treasury Secretary Scott Bessent Remarks before the American Bankers
Association,” April 9, 2025, https://home.treasury.gov/news/press-releases/sb0078.

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

to no longer examine banks for reputational risk will make it more likely that a Credit Suisse-
style reputational failure takes down a large U.S. bank?

Answer: I do not believe the Fed should examine banks’ “reputational risk.”

40. What current or emerging risks constitute your top concerns for the safety and soundness of
the financial system?

Answer: I believe cyber threats and adversarial state actors represent acute risks to the financial
system, among other risks. Excessive and poorly tailored regulations may also be introducing
frictions and preventing smooth market functioning.

Bank Merger Review

41. Do you believe consumers and small businesses have been well-served by the substantial
increase in consolidation of the banking sector over the last four decades?

Answer: The increase in consolidation in the banking sector over the last 40 years mostly
occurred between the mid-1980s and the mid-2000s. There may have been some benefits to
consumers with respect to the convenience of accessing a branch across the country, or from
economies of scale allowing for more lending and banking activities.

42. Do you believe public engagement in the merger review process is important?

Answer: Engagement from the public can be one useful input to gauging the extent of a merger's
benefits and drawbacks to consumers.

43. How do you approach the competitive effects analysis when reviewing a bank merger
application?

Answer: Competitive effects analysis should entail considering how prices and fees faced by
consumers and businesses are likely to change as a result of the merger. Beyond this, it should
also consider whether the merger has any effect on the switching costs, credit availability, or
convenience faced by consumers and businesses, as these represent other potential effects on
well-being beyond prices. Competitive effects analysis should also involve identifying the effects
of the merger on both national and local market structure, with an eye to avoiding a situation of
extreme concentration and barriers to entry for potential new entrants. And it should take into
account any likely impacts on the efficiency with which the banking sector operates and adds
value to the economy. The process should be data-driven and even-handed.

44. Please review the Department of Justice’s 2023 Merger Guidelines and its 2024 Banking
Addendum. Do you agree with the DOJ’s approach to analyzing the competitive effects of
bank merger transactions?

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: I believe an updated approach to analyzing the competitive effects of bank merger
transactions could be valuable.

Enforcement

45. Why do you think Wall Street banks have not been deterred by past enforcement actions and
continue to break the law?

Answer: I am not aware of the current activities referred to in this question.

46. Are you willing to fine executives directly, use the Fed’s authority under 12 U.S.C. 1818(e)
to remove executives from their roles and ban them from the banking industry, and make
criminal referrals to the Department of Justice, where appropriate?

Answer: I believe that would be a better question for legal counsel.

47. When do you think it is appropriate to move beyond fines and impose structural remedies on
banks, including asset caps, divestitures, and activity limitations?

Answer: Such actions are likely best reserved for severe criminal cases.

48. Do you believe the Fed has evenly administered penalties to large and small banks?

Answer: It would be impossible for me to evaluate the entirety of administered penalties but in
general I believe they should be reserved for criminal activities.

Community Reinvestment Act (CRA)

49. Do you believe decades of redlining inflicted severe harm on communities of color and
low- and moderate-income communities?

Answer: It is the Fed’s duty to ensure fair access to credit through bank supervision.

50. Do you believe redlining and other discriminatory lending practices are still a problem in the
banking system?

Answer: It is the Fed’s duty to ensure fair access to credit through bank supervision.

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

51. Do you believe that 98%+ of banks 29 actually do enough in their communities to justify a
passing CRA grade or do the exams suffer from grade inflation?

Answer: It is the Fed’s duty to ensure fair access to credit through bank supervision. If
confirmed, I will work with available data to ensure that the Fed combats discrimination and
unfair practices.

52. Do you believe that all changes to CRA regulations should be done jointly with the FDIC and
OCC?

Answer: From my understanding, many regulations are coordinated among the three major
regulators, though largely out of precedent rather than statutory requirement.

53. Recently, the Federal Reserve proposed a rescission of the 2023 CRA final rule. Do you
agree with this decision? If so please describe your reasoning.

Answer: The 2023 CRA rule never went into effect given the preliminary injunction, so it makes
sense to rescind it and revisit prior rules.

Federal Reserve Independence

54. Is there any legal distinction in the Federal Reserve Act between the independence afforded
to the Federal Reserve in the conduct of monetary policy compared to the conduct of its bank
regulation and supervision functions?

Answer: I believe it is primarily oriented toward monetary policy.

55. Do you believe that the Federal Reserve is “absurdly overstaffed” 30?

Answer: If confirmed, I will be one of seven Governors and will not have responsibilities over
altering staffing at the Federal Reserve.

56. Do you believe the president has the authority to fire you without cause?

Answer: That is a question best posed to a lawyer, not an economist.

57. If a Governor failed to pay their taxes, do you think that would be grounds for a “for cause”
removal?
29
National Community Reinvestment Coalition, “Do CRA Ratings Reflect Differences in Performance: An
Examination Using Federal Reserve Data,” Josh Silver and Jason Richardson, May 27, 2020, https://ncrc.org/do-cra-
ratings-reflect-differences-in-performance-an-examination-using-federal-reserve-data/.
30
Bloomberg, “Musk Repeats Claim That the Fed is Absurdly Overstaffed,” Amara Omeokwe, March 3, 2025,
https://www.bloomberg.com/news/articles/2025-03-03/musk-repeats-claim-that-fed-is-absurdly-overstaffed.

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: That is a question best posed to a lawyer, not an economist.

58. When you were nominated to the Council of Economic Advisers, I asked you the following
Question for the Record: “Do you believe a President can fire at-will a Board official?” You
replied that you “defer to the President on all questions related to who serves in the Executive
Branch.” To clarify:

a. Do you believe the Federal Reserve is an executive branch agency?

Answer: As the Supreme Court has said, the Federal Reserve is a “unique
institution.” Whether it is an executive branch agency is a matter for legal scholars,
not an economist.

b. Do you believe that the President has the authority to fire Federal Reserve governors
and Reserve Bank presidents at will, notwithstanding the protections from removal
provided by the Federal Reserve Act?

Answer: That is a question best posed to a lawyer, not an economist.

c. Do you believe Federal Reserve governors and Reserve Bank presidents should defer
to the President and resign if he purports to fire them without “cause?”

Answer: Federal Reserve governors and Reserve Bank presidents can determine in
their own capacity whether they are fit to serve.

59. During your nomination hearing for the Federal Reserve Board, you testified that “The
Federal Open Market Committee is an independent group with a monumental task, and I
intend to preserve that independence, and serve the American people to the best of my
ability.” You also testified that if confirmed, you “will act independently, as the Federal
Reserve always does.” However, in January 2023, you posted the below tweet. What has
changed between January 2023 and your hearing yesterday that now makes you believe the
Fed “always does” act independently?

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Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Mr. Ben Hobbs, Mr. Ronnie Kurtz, Dr. Stephen Miran, Mr.
Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: The Federal Reserve Board is intended to have some structural, governance,
and operational autonomy, especially regarding execution of monetary policy. However,
independence does not mean that there is no need for accountability and transparency to
the American people, Congress, and the Executive. In reality, officials have not always
lived up to the responsibilities toward neutrality, accountability, and transparency that
independence demands. I intend to do my best to preserve the independence of the
Federal Reserve, if confirmed.

60. In your March 2024 paper for the Manhattan Institute, “Reform the Federal Reserve’s
Governance to Deliver Better Monetary Outcomes,” you argue that Fed “board members and
Reserve Bank leaders should be subject to at-will removal by the president to ensure their
accountability to the democratic process.” This would allow the president to remove every
member of the Federal Open Market Committee without cause, a significant increase in the
president’s authority over the Fed’s monetary policymaking.

a. If such a reform were enacted, do you believe that Congress should be granted
additional authorities to check the President’s authority to remove FOMC
participants?

b. In general, do you believe Congress should have additional or fewer authorities over
the Fed?

Answer: Such a reform would only be appropriate amid other reforms designed to check and
balance this authority. Congress mandated the Fed to pursue its dual mandate and should ensure
it sticks to that knitting.

Federal Reserve Reform

61. Do you believe that the IG of the Fed should be chosen by the President and confirmed by
the Senate?

Answer: I believe that the Federal Reserve should be more transparent and democratically
accountable.

62. Should Federal Reserve Banks be subject to FOIA?

Answer: I believe that the Federal Reserve should be more transparent and democratically
accountable.

Committee Questionnaire

63. Under Committee rules, you are required to provide true and correct responses to all
questions in the Committee’s questionnaire. Can you confirm that you have provided
complete, true, and correct answers to all of the Committee’s questions in the questionnaire?

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: Yes, to the best of my ability given the information currently available to me.

64. The Committee questionnaire requires you to list all of the formal speeches, presentations
(e.g., PowerPoint), and public statements you have delivered during the past ten years which
are on topics relevant to the position for which you have been nominated, including dates and
name of the forum you delivered the speech, presentation, or public statement. The
questionnaire also requires you, if available, to provide the Committee with one digital copy
of each formal speech, presentation, and public statement, and if text is no longer available,
list the date, place, and organization or group to whom you made the speech or presentation.
Can you confirm that you have provided complete, true, and correct disclosures in response
to the Committee’s requirements?

Answer: Yes, to the best of my ability given the information currently available to me.

Nomination

65. During or leading up to the selection of your nomination, did anyone on the Trump
campaign, transition team, or other closely related entity approach you about your loyalty to
President-elect Trump? Did you sign a loyalty pledge or other similar oath?

Answer: No.

66. During or leading up to the selection of your nomination, did you discuss Project 2025 with
any officials directly or associated with the Heritage Foundation? If so, please explain.

Answer: No.

67. Please provide a comprehensive list of the people who approached you about joining the
administration.

Answer: President Trump nominated me earlier this year to be the 32nd Chairman of the Council
of Economic Advisers. I met with most members of the Banking Committee to discuss the
nomination.

68. Did any person provide advice to you, oral or written, on your responses to these questions?
If so, please provide a comprehensive list of the individuals or organizations that provided
assistance.

Answer: I produced these responses.

Congressional Oversight and Whistleblower Protection

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

69. If confirmed, will you commit to making yourself available to provide testimony (including
but not limited to briefings, hearings, and transcribed interviews) to the Committee on any
matter within its jurisdiction, upon the request of either the Chair or Ranking Member?

Answer: I commit to providing statutorily-required testimony in a timely, thorough, and
substantive manner, to the best of my ability.

70. If confirmed, will you commit to fully complying with all information requests from me and
responding to those requests in a timely manner?

Answer: I commit to responding to questions from Congressional offices in a timely,
thorough, and substantive manner, to the best of my ability.

71. If confirmed, do you intend to respond to congressional information requests differently
depending on who is making the request?

Answer: I commit to responding to questions from all Congressional offices in a timely,
thorough, and substantive manner, to the best of my ability.

72. If confirmed, will you commit to complying with any federal protections for whistleblowers?

Answer: If confirmed, I will follow the law.

OGE Financial and Ethics Disclosures

73.Have you changed your primary address since beginning your role as CEA chairman and/or
since your nomination to serve as a member on the Fed Board of Governors?

a. If so, provide an updated state and city of relocation.

b. To the extent that your purchased this property, also provide:

i. The name of the creditor,

ii. The amount of the home loan,

iii. The date the amount was incurred,

iv. The interest rate, and

v. The rate of return.

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

Answer: As part of my confirmation process, I provided all required financial
information on OGE From 278e, which was reviewed and certified by OGE
and Federal Reserve Board ethics officials and delivered to the Committee on
September 3, 2025. I also entered into an Ethics Agreement, which was
furnished to me by the Designated Agency Ethics Official of the Board of
Governors of the Federal Reserve System. That letter describes the steps that
I will take to avoid any actual or apparent conflict of interest in the event that I
am confirmed for the position of Governor of the Board of Governors of the
Federal Reserve System.

74. Provide a written explanation detailing both you and your spouse’s relationship with ECPI
University.

Answer: As part of my confirmation process, I provided all required financial information on
OGE From 278e, which was reviewed and certified by OGE and Federal Reserve Board ethics
officials and delivered to the Committee on September 3, 2025. I also entered into an Ethics
Agreement, which was furnished to me by the Designated Agency Ethics Official of the Board of
Governors of the Federal Reserve System. That letter describes the steps that I will take to avoid
any actual or apparent conflict of interest in the event that I am confirmed for the position of
Governor of the Board of Governors of the Federal Reserve System.

75. Provide a written explanation of both you and your spouse’s relationship with 5555
Corporate Center LLC.

vi. What is the primary business purpose of 5555 Corporate Center LLC?

vii. How long have you and your spouse associated with this entity?

viii. What is the nature of you and your spouse’s relationship with “commercial
real estate” property owned by 5555 Corporate Center LLC that is located in
Virginia Beach, Virginia?

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

76. Provide a written explanation of both you and your spouse’s relationship with Charlotte
Center Investments LLC.

ix. What is the primary business purpose of Charlotte Center Investments LLC?

x. How long have you and your spouse associated with this entity?

xi. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Charlotte Center Investments LLC that is located in
Charlotte, North Carolina?

77. Provide a written explanation of both you and your spouse’s relationship with Blue Oyster
LLC.
xii. What is the primary business purpose of Blue Oyster LLC?

xiii. How long have you and your spouse associated with this entity?

xiv. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Blue Oyster LLC that is located in Newport News,
Virginia?

78. Provide a written explanation of both you and your spouse’s relationship with Commons
Investment LC.

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

xv. What is the primary business purpose of Commons Investment LC?

xvi. How long have you and your spouse associated with this entity?

xvii. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Commons Investment LC that is located in Virginia
Beach, Virginia?

79. Provide a written explanation of both you and your spouse’s relationship with Greenwich
Investments LC.
xviii. What is the primary business purpose of Greenwich Investments LC?

xix. How long have you and your spouse associated with this entity?

xx. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Greenwich Investments LC that is located in Virginia
Beach, Virginia?

80. Provide a written explanation of both you and your spouse’s relationship with Moorefield IV,
LC.
xxi. What is the primary business purpose of Moorefield IV, LC?

xxii. How long have you and your spouse associated with this entity?

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

xxiii. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Moorefield IV, LC that is located in Richmond,
Virginia?

81. Provide a written explanation of both you and your spouse’s relationship with Mayfaire
Investors LLC.

xxiv. What is the primary business purpose of Mayfaire Investors LLC?

xxv. How long have you and your spouse associated with this entity?

xxvi. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by Mayfaire Investors LLC that is located in Wilmington,
North Carolina?

82. Provide a written explanation of both you and your spouse’s relationship with 3 Shady Path
LLC.

xxvii. What is the primary business purpose of 3 Shady Path LLC?

xxviii. How long have you and your spouse associated with this entity?

xxix. What is the nature of you and your spouse’s relationship with “commercial
real estate” owned by 3 Shady Path LLC that is located in Bridgehampton,

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Committee on Banking, Housing, and Urban Affairs
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Christopher Pilkerton, and Mr. Jonathan Burke
September 4, 2025

New York?

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