President Donald Trump has tapped Stephen Miran, a trusted economic mind, to step into a crucial spot on the Federal Reserve Board of Governors.
According to CNBC, Trump announced this decision on Thursday, positioning Miran to replace Adriana Kugler, who resigned effective Friday. This move signals a strategic placeholder as Trump continues to weigh options for a permanent nominee.
Miran, currently chair of the Council of Economic Advisors, will serve out Kugler’s term, which runs until January 31, 2026. Trump hinted at a temporary role for Miran, noting on Truth Social that the search for a long-term replacement is still underway.
Trump praised Miran’s economic acumen, stating, “His expertise in the World of Economics is unparalleled — He will do an outstanding job.” While the flattery is nice, let’s be real: this feels like a chess move to keep the board in check until a bigger decision looms.
Miran’s interim status, as Trump emphasized, buys time until January to lock in a permanent pick. With Chair Jerome Powell’s term ending in May, the stakes for shaping the Fed’s future couldn’t be higher.
Speculation swirls that Trump might favor other names like Governor Christopher Waller or former Governor Kevin Warsh for Powell’s spot. Miran’s role, for now, seems more about holding the line than setting a new course.
Miran isn’t just a suit with a resume; he’s been vocal against the Fed’s past moves, particularly the heavy-handed stimulus during the Covid crisis. That skepticism aligns with Trump’s push for lower interest rates, a drum he’s been beating loudly.
He’s also tied to the eyebrow-raising “Mar-A-Lago Accord,” a proposal to weaken the dollar to tackle the U.S. current account deficit. Critics might call it reckless, but supporters see it as a bold jab at global trade imbalances.
Additionally, Miran has taken shots at former Treasury Secretary Janet Yellen’s debt management tactics, specifically her reliance on short-term Treasurys. If confirmed, his voice could stir up some much-needed debate on the board.
Miran’s path isn’t clear yet, as Senate confirmation isn’t likely to happen until the upper house reconvenes in September. With the Federal Open Market Committee meeting shortly after on September 16-17, markets are already betting on a rate cut, and Miran’s vote could matter if he’s seated.
Senate Banking Committee Chairman Tim Scott of South Carolina called Miran “an accomplished economist” who’s driven a pro-growth agenda. Scott’s nod to transparency at the Fed suggests Miran might have allies eager to curb the central bank’s overreach.
Still, Miran’s immediate task could be a tense one, especially with Trump’s ongoing feud with Powell. Acting as a counterweight to the current chair, as some speculate, might put him in an awkward spot before his term even gets rolling.
Miran brings a hefty background, from advising on economic policy under Treasury Secretary Steven Mnuchin to shaping the Paycheck Protection Program during the 2020 shutdown. His stances on reciprocal tariffs and pro-crypto policies also echo Trump’s trade-war tactics and tech-friendly leanings.
Yet, his potential role as a “shadow chair” antagonist to Powell, as floated by some like Treasury Secretary Scott Bessent, raises questions about Fed independence. Trump’s public disdain for Powell, complete with calls for resignation, only fuels the tension of what Miran’s true purpose might be.
With two Trump-appointed governors already dissenting at the last FOMC meeting over holding rates steady, Miran’s addition could tip the balance further. Whether he’s a placeholder or a disruptor, his time on the board, however short, promises to keep the Fed under a very public microscope.
