The announcement comes after Trump teased changing the name of the Department of Defense to the Department of War.

Stephen Miran, Donald Trump’s nominee to join the Federal Reserve, has vowed to uphold central bank independence even as he said the president is “entitled” to take a view on monetary policy. Miran told the Senate banking committee on Thursday that the Fed’s rate-setting committee was “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”.