Miran has played a major role in crafting Trump's trade policy centered on tariffs and is likely to be a strong proponent of lower interest rates -- which the president has called for repeatedly if confirmed.
Miran replaces Adriana Kugler, who resigned in 2023. Her term is up in January; she resigned last week without saying why.
President Trump underscored the urgency of filling this seat, and Miran agreed in an interview, noting that she believes it is "a very important seat for the president."
Miran May Have Hedged for Lower Rates out of the Fed
Miran would be expected to vote in favor of further monetary easing if approved by the US Senate. The July meeting marked the fifth consecutive time that the Federal Reserve has left interest rates unchanged.
But there was also internal dissent at the Fed, with more than one governor voting against the decision for the first time in several decades.
There is still doubt about whether the Senate will process Miran in time to be part of the Fed's policy gathering September 16–17. The process, according to analysts, could take anywhere between a few weeks and two months.
Miran's nomination also places him in a position to be appointed Fed chair someday. The road from Council of Economic Advisers to Fed chair is not unheard of —It's the path taken by former chairs Janet Yellen and Ben Bernanke.
The current chair, Jerome Powell, who has been the subject of repeated presidential attacks in the past year, apparently will continue to serve on the board but might not continue as chairman beyond his term, which concludes in May 2026 (though he is a Fed governor until 2028 ).
Tariffs expert with an economist's background.
Stephen Miran is a Harvard-trained economist in government and finance. Deputy staff director for the House Financial Services Committee and former New York Fed staffer, may return (Spencer Lee, resigned), worked in Treasury during Trump's first term, and has also worked at the Manhattan Institute and Hudson Bay Capital.
In late 2024, Miran went viral after she published an essay in support of a differential tariff protection to reduce the trade imbalances of the United States.
As it turned out, his strong support for tariffs has made him an essential part of Trump's economic plan.
Disputing any negative impact of the administration's trade policy, Miran said: "All these people were predicting that we would have huge retaliation from our tariffs they couldn't have been more wrong." For American workers, it has been a huge win.
Though he has made few public pronouncements on monetary policy, Miran recently signaled backing for lower interest rates.
A Miarn confirmation would give both a policy ally to Trump at the Fed and could define the direction for U.S. monetary policy and trade for years to come.
