USA Trump Taps Stephen Miran for Fed Seat

[webfact]

Picture courtesy of AP

 

Donald Trump has put forward Stephen Miran, a staunch supporter of his tariff policies, for a temporary spot on the Federal Reserve's Board of Governors. Miran, a driving force behind Trump's economic strategies, currently chairs the Council of Economic Advisers and is recognised for shaping the administration's stance on tariffs. His nomination fills the vacancy left by Adriana Kugler, appointed by Joe Biden, who recently resigned.

 

Miran, known for his advocacy of economic principles aligning with Trump's agenda, may bring fresh perspectives to the Fed with his support for lower interest rates. With a recent dissent during the Fed's decision to hold borrowing costs steady, Miran’s influence could sway future economic policies. The Senate's timeline for confirming Miran remains uncertain, but there's potential for him to be in place for the mid-September policy meeting.

 

The confirmation process could take weeks, or even months, according to experts like Brian Gardner from Stifel. If approved, Miran could eventually be elevated to Fed chair, following a path similar to past leaders such as Janet Yellen. Current Chair Jerome Powell's future role remains unclear as Trump continues to criticise him, despite Powell's term running until 2028.

 

Stephen Miran's impressive resume includes a Harvard education and influential roles in fiscal and trade policy. His work at the Treasury during Trump’s first term and as a senior strategist at global investment firm Hudson Bay Capital, coupled with his academic contributions, position him as a well-rounded candidate. His November 2024 paper advocating for a tariff-focused approach to address US trade deficits was widely circulated in financial circles.

 

Miran’s outspoken endorsement of tariffs and his belief in their success in bolstering American workers reflect his confidence in the strategy. While his views on the Fed have been reserved, his support for lower interest rates aligns with Trump's record, which he ardently praises. If Miran secures the Fed position, his presence could influence the direction of the US central bank under Trump’s administration.

 

  Adapted by ASEAN Now from CNN 2025-08-08

 

[Chomper Higgot]

I wonder if he knows who pays the tariffs?

Or even cares!

 

[Patong2021]

A review of his history will not reassure.