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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
Trump is nominating Stephen Miran to temporarily fill vacancy at the
Fed
By Bryan Mena, CNN
Updated:
8:13 AM EDT, Fri August 8, 2025
Source: CNN
President Donald Trump said Thursday he is nominating Stephen Miran, a
key voice in the push for the administration’s tariff policy and a
critic of the Federal Reserve’s independence, to fill a vacancy at
the Federal Reserve’s Board of Governors on a temporary basis.
Miran is currently the chair of the Council of Economic Advisers.
He’s widely credited with creating the intellectual backbone of
Trump’s expansive tariff policy and has been a critical voice in
support of Trump’s economic agenda since assuming his role.
Miran is filling a vacancy left by Adriana Kugler, who was appointed by
former President Joe Biden in 2023. Her term was slated to end in
January, but last week without citing a reason for her departure.
“I think that this seat is very important to the president,” Miran
told CNBC on Wednesday.
If confirmed by the Senate, Miran’s arrival would likely bring
another voice at the Fed in support of lower interest rates. At the
Fed’s July meeting, policymakers voted to hold borrowing costs steady
, but more than one Fed governor dissented on the decision, the first
time that has happened in more than three decades.
It’s unclear if the Senate will move swiftly enough to have Miran on
the board by the time Fed policymakers convene for their September
16-17 policy meeting.
“The confirmation process is going to take a couple of weeks, maybe
as much as two months,” Brian Gardner, chief Washington policy
strategist at Stifel, told CNN.
If Miran is confirmed, he’d be in a position to be elevated as Fed
chair. He’d also be taking the same route that other former Fed
chairs have taken, such as Janet Yellen and Ben Bernanke, who led the
CEA before helming America’s central bank.
According to Fed rules, the chair can be chosen only among current Fed
governors, and Powell, whom Trump has attacked for months, has refused
to reveal if he’s staying on the board after his term as chair ends
in May 2026. Powell’s term on the board runs through 2028, so he
could theoretically choose to stay as a Fed governor.
Fed chairs typically step down from the central bank’s board entirely
after their term ends.
Who is Stephen Miran?
A Harvard-trained economist and published academic, Miran has worked on
fiscal and trade policy issues throughout his career, from his time in
government to a stint at an investment firm.
He served in the Treasury Department during Trump’s first term and
has also worked as a senior fellow at the Manhattan Institute, a
conservative think tank, and as a senior strategist at Hudson Bay
Capital, a global investment firm.
Miran became the subject of Wall Street fascination in the wake of his
November 2024 paper outlining a tariff-centric approach to re-balancing
US trade deficits.
He remains an ardent supporter of using tariffs to reshape global
trade.
“They all predicted that our tariffs would incur massive retaliation
from our trading partners, that they would try and punish American
firms and American businesses and workers for it, and nothing could be
farther from the truth,” Miran told Fox Business on Thursday hours
before Trump announced his nomination. “It’s been a massive success
for American workers.”
On the Fed, Miran has said he supports lower interest rates.
“I think we have to acknowledge the president has had an absolutely
fabulous track record on the subject” of interest rates, Miran told
CNBC on Friday. “He’s gonna end up having been proven right again
that lower rates are appropriate.”
But he also co-authored a last year that called the Fed’s
independence as an outdated “shibboleth,” and he called for shorter
terms for Fed governors.
“Central bank independence has long been considered an essential
element for successful monetary policy. But central banks are creations
of political exigency, and pure independence exists only in
textbooks,” the report said. “It can also bestow power without
accountability.”
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