Who Is Stephen Miran? Trump's Pick To Fill Vacant Federal Reserve Governor Seat

President Donald Trump on Thursday announced the nomination of Stephen Miran, current chair of the Council of Economic Advisors, to the Federal Reserve Board of Governors, filling the vacancy left by Adriana Kugler, who resigned last Friday.

If confirmed by the Senate, Miran will serve out the remainder of Kugler’s term, which expires on January 31, 2026. Trump noted on Truth Social that Miran’s role may be temporary, saying, “We will continue to search for a permanent replacement,” signaling that a full 14-year appointment may go to someone else. Still, Trump praised Miran’s credentials, calling his economic expertise “unparalleled.”

Miran’s nomination comes amid speculation that Trump is seeking to install a “shadow chair” on the Federal Reserve, a governor who could act as a vocal counterweight to Chair Jerome Powell and push for the administration’s preferred monetary policies, particularly lower interest rates.

At last week’s Federal Open Market Committee (FOMC) meeting, two Trump-appointed governors, Christopher Waller and Michelle Bowman, dissented against the decision to keep interest rates steady, the first multi-governor dissent in over three decades. Miran, if confirmed in time, will join the FOMC’s next meeting, scheduled for September 16-17, as a voting member.

Who Is Stephen Miran?

Stephen Miran is a well-known economic voice in conservative policy circles. Before becoming chair of the Council of Economic Advisors under Trump’s second term, he served in the Treasury Department during the first Trump administration, working under then-Secretary Steven Mnuchin. There, he played a key role in crafting the Paycheck Protection Program during the 2020 COVID-19 shutdown.

He has also held positions as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research.

Miran has been openly critical of the Federal Reserve’s monetary policy during the pandemic, particularly its aggressive stimulus measures. He is the author of the controversial “Mar-A-Lago Accord,” a proposal aimed at devaluing the dollar to manage the US current account deficit.

A known supporter of reciprocal tariffs and pro-crypto policies, Miran aligns closely with Trump’s economic agenda. His potential influence on the Fed would extend beyond interest rate decisions, also touching areas like financial regulation.