Trump selects Miran, his leading economic advisor, for the vacant position at the Federal Reserve
The United States President, Donald Trump, has made an unexpected move by appointing Dr. Stephen Miran to the Federal Reserve Board of Governors. This move, announced on Trump's website, Truth Social, comes as the central banking system faces intensifying pressure under the current administration.
Dr. Miran, an American economist with a Ph.D. from Harvard University, brings a background of strong conservative economic theory and practice to the table. His appointment is effective until January 31, 2026, and is seen as a strategic effort by Trump to increase his influence over the Federal Reserve board.
Dr. Miran has served as the Chairman of the Council of Economic Advisers under President Trump since 2025. Prior to this, he held various roles in the private sector at Lily Pond Capital Management, Fidelity Investments, Sovarnum Capital, and Hudson Bay Capital Management. During the COVID-19 pandemic, he served as a senior advisor at the U.S. Treasury.
Dr. Miran is known for his vocal criticism of the Federal Reserve’s pandemic-era monetary stimulus measures and his skepticism towards its institutional independence. He advocates for policies such as reciprocal tariffs and has defended Trump’s tariff strategy, downplaying the risks associated with protectionism.
One of Dr. Miran's most controversial proposals is the "Mar-A-Lago Accord," which suggests dollar devaluation as a tool to reduce the U.S. current account deficit. He has also critiqued Federal Reserve actions on climate-related financial risks, considering such efforts as politicizing the Fed’s role.
The position was vacated recently by Adriana Kugler, a former appointee of President Joe Biden. No permanent replacement for this vacated seat has been announced yet. Dr. Miran is expected to complete the term of Adriana Kugler.
Dr. Miran's appointment has raised concerns among financial policy advocates who warn that his perceived limited support for Fed independence and skepticism towards its regulatory role could undermine the Fed’s capacity to maintain financial stability.
The Fed is currently facing criticism from President Trump, who has criticized the central bank's chief Jerome Powell for not lowering interest rates sooner. This appointment is expected to further escalate the tension between the White House and the Federal Reserve.
Dr. Miran's 41-page essay titled "A User’s Guide to Restructuring the Global Trading System" is seen as providing rationale for Trump's aggressive trade policies. His advocacy for tariffs and a shift away from a strong U.S. dollar adds to the controversy surrounding his appointment.
President Trump has expressed his support for Dr. Miran's appointment, stating that it will help align the Federal Reserve's monetary policy more closely with the White House's economic agenda. However, the long-term implications of this appointment remain to be seen.
The appointment of Dr. Stephen Miran to the Federal Reserve Board of Governors is a strategic effort by President Trump to increase his influence over the central banking system, possibly aligning its monetary policy with the White House's economic agenda. However, this move has raised concerns among financial policy advocates, who fear that Dr. Miran's limited support for the Fed's independence and skepticism towards its regulatory role could undermine the Fed's capacity to maintain financial stability. His vocal criticism of the Fed's monetary stimulus measures and advocacy for tariffs may further escalate the tension between the White House and the Federal Reserve, potentially impacting the general news landscape and broader business and politics climate.
