Trump Nominates Stephen Miran, Key Architect of Tariff Policy, for Temporary Fed Seat
The White House announced on Thursday that President Donald Trump intends to nominate Stephen Miran, currently chair of the Council of Economic Advisers, as a temporary appointee to fill a vacancy at the Federal Reserve’s Board of Governors.
Miran is renowned for his role in shaping the administration’s tariff policy and has been a vocal supporter of the president’s economic agenda since taking office. His appointment comes after Adriana Kugler, who was appointed by former President Joe Biden in 2023, resigned unexpectedly last week.
In an interview with CNBC, Miran expressed his enthusiasm for the role, highlighting its significance to the president. If confirmed by the Senate, Miran’s arrival could bring another advocate for lower interest rates to the Fed. At the July meeting, policymakers voted to maintain borrowing costs at their current level for a fifth consecutive time; however, more than one governor dissented from this decision, marking a rare occurrence in over three decades.
It remains uncertain whether the Senate will expedite the confirmation process sufficiently for Miran to take up his position before the Fed’s September 16-17 policy meeting. According to Brian Gardner, chief Washington policy strategist at Stifel, the confirmation process may take between a couple of weeks and two months.
If confirmed, Miran would be in contention for the role of Fed chair, following in the footsteps of previous chairs such as Janet Yellen and Ben Bernanke who had previously led the Council of Economic Advisers. However, Fed rules stipulate that the chair can only be selected from among current governors, with Jerome Powell, whom Trump has frequently criticized, yet to reveal his plans beyond his term as chair ending in May 2026.
A Harvard-educated economist and published scholar, Miran’s career has been marked by work on fiscal and trade policy issues, both within government and at an investment firm. During Trump’s first term, he served in the Treasury Department and was also a senior fellow at the Manhattan Institute, a conservative think tank, and a senior strategist at Hudson Bay Capital, a global investment firm.
Miran gained attention on Wall Street following the publication of his November 2024 paper advocating for tariff-centric policies to address US trade deficits. He continues to champion tariffs as a means to restructure global trade. In a recent interview with Fox Business, he asserted that contrary to predictions of retaliation from trading partners, the administration’s tariffs have been a success for American workers.
While Miran has been less vocal on matters concerning the Fed, he has expressed support for lower interest rates. In an interview with CNBC, he praised the president’s track record on this subject, predicting that lower rates would continue to be appropriate.