Specifically, President Donald Trump only recently nominated Stephen Miran to get the Federal Reserve Board of Governors back up to its full complement of seven. Miran, Tom W. chairman, Council of Economic Advisers. This announcement follows Adriana Kugler’s resignation from the board last Friday. Miran’s term, if confirmed by the Senate, would extend through at least January 31, 2026.
As a careful analyst of economic policy, Miran is deeply impressed by the extraordinary structural changes. He was senior advisor to former Treasury Secretary Steven Mnuchin during the Trump administration. Prior to that, he was a senior strategist at Hudson Bay Capital Management. He served as a senior fellow at the Manhattan Institute for Policy Research. His prior critiques of the Federal Reserve have made him something of a lightning rod. In particular, he has pushed back on the extreme stimulus measures taken in response to COVID-19.
If confirmed, Miran’s nomination represents a seismic shift in the Federal Reserve’s approach to monetary policy. His previous remarks regarding Jerome Powell, the Fed’s current chair, have raised eyebrows. Miran has publicly blasted Powell and called for his resignation. This major liability invites further scrutiny into the potentially adversarial relationship should Powell join the board.
Trump expressed his confidence in Miran, stating, “He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled. He will do an outstanding job.”
Miran’s anticipated role on the Federal Reserve Board would be consequential, playing a key role in financial regulation and in setting monetary policy by voting on interest rates. Even if he gets confirmed by the Senate, that likely won’t happen until September when Congress returns. Some have speculated that the former head of the Department of Justice Civil Rights Division could serve in a caretaker role while Long is permanently replaced.
As a nominee with a history of criticism towards current Fed policies, Miran could bring a different perspective to discussions on monetary policy. His plan, already infamous, the “Mar-A-Lago Accord” would intentionally crash the dollar. This action further complicates his nomination in several ways.