Trump announces Stephen Miran as interim appointee for the Federal Reserve position
In a significant move, President Donald Trump has nominated Stephen Miran, the current Chair of the Council of Economic Advisers, to fill a temporary vacancy at the Federal Reserve's Board of Governors. If confirmed by the Senate, Miran's arrival would likely bring another voice at the Fed in support of lower interest rates.
Stephen Miran, a Harvard-trained economist and published academic, has been a key economic adviser to Trump, especially influential in shaping and defending Trump’s tariff strategy and pro-growth economic policies. His nomination to the Federal Reserve board signals a potential shift toward aligning the central bank more closely with Trump's economic ideology.
Miran has been credited with creating the intellectual backbone of Trump's expansive tariff policy. He is considered a principal architect and vocal proponent of Trump’s tariff policies, having defended tariff hikes as a tool to encourage investment and address trade imbalances. His support for gradual tariff increases was even explored using the International Emergency Economic Powers Act.
In 2025, Trump nominated Miran to temporarily fill a vacant seat on the Federal Reserve’s Board of Governors, marking Trump’s first chance to exert more influence on the Fed, an independent agency. Miran has been a strong defender of Trump’s economic agenda, including tax cuts and tariffs, and has downplayed concerns about tariffs causing inflation—contrasting with Fed Chair Jerome Powell, whom Trump criticized for keeping interest rates steady.
If Miran becomes Fed chair, he would follow in the footsteps of former Fed chairs like Janet Yellen and Ben Bernanke, who led the Council of Economic Advisers before helming the Federal Reserve. However, it is worth noting that the Senate confirmation process for Miran may take up to two months.
Miran has expressed support for lower interest rates, telling CNBC that he thinks lower interest rates are appropriate. He has also praised Trump's track record on interest rates. If confirmed, Miran's influence could potentially reshape the Fed's monetary policy.
Meanwhile, the current Fed chair, Jerome Powell, has refused to reveal if he's staying on the board after his term as chair ends in May 2026. If Miran does take over, he would bring a unique perspective to the Fed, given his background in investment firms rather than academia or traditional political-economics circles.
Miran's nomination as CEA chair broke the usual pattern of appointing widely known academic economists or longtime Washington insiders. He rose to prominence largely by producing policy papers that resonated with Trump’s pro-tariff stance. If confirmed, Miran's nomination to the Federal Reserve board could mark a significant shift in the Fed's approach to trade and monetary policy.
References:
- Financial Times
- CNN
- New York Times
- Bloomberg
- Stephen Miran's nomination to the Federal Reserve's Board of Governors, if confirmed by the Senate, could potentially bring a shift in the Fed's monetary policy, aligning it more closely with President Donald Trump's pro-growth economic policies and tariff strategies.
- Miran's background in investment firms, combined with his academic training, puts him in a unique position to influence policy-and-legislation related to finance and economics, particularly in the areas of general-news topics such as trade and interest rates.
- As a vocal proponent of gradual tariff increases and a defender of Trump's economic agenda, including tax cuts, Miran's influence on the Federal Reserve could lead to lower interest rates, a perspective that differs from the current Fed chair, Jerome Powell.
