Donald Trump, the former President of the United States, nominated Stephen Miran, the Chairman of the White House National Economic Council, as the new member of the Federal Reserve Board on the 7th (local time). This nomination is to fill the vacancy left by former board member Adriana Kugler, who abruptly resigned on the 1st. Once confirmed by the Senate, Miran will serve until the remaining term expires on January 31 of next year. Trump, through his social media platform Truth Social, praised Miran’s nomination, stating that “he performed excellently during my first administration” and highlighted his “unmatched expertise in the economic field.” During Trump’s first term, Miran served as a senior advisor in the Treasury Department, assisting then-Secretary Steven Mnuchin.
It remains uncertain when Miran will be able to begin his term, pending Senate confirmation. The Senate is currently on summer recess until September 2, and Miran’s appointment will require hearings in the Senate Banking Committee followed by votes in the full Senate. Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, criticized Miran on X (formerly known as Twitter), labeling him as a “Trump loyalist” and a key architect of the chaotic tariff policies that allegedly harmed American wallets.
Should Miran start his term in September, he is expected to participate in up to four Federal Open Market Committee (FOMC) interest rate decision votes before his term concludes (on September 16-17, October 28-29, December 9-10, and January 30-31 of the following year). Though known as a hawkish economist, Miran has previously argued for strengthening presidential control over the Federal Reserve Board by shortening board members’ terms, as reported by Reuters. In November of last year, he published the “Miran Report,” which suggested imposing punitive tariffs and adjusting the exchange rate to encourage a weaker dollar in order to address the U.S.’s trade and budget deficits. This report is noted as a basis for the stringent tariff policies of the Trump administration.