Stephen Miran, a Harvard-trained economist and President Donald Trump’s top economic adviser, is now up for Senate confirmation to fill an open seat on the Fed’s Board of Governors.
His nomination lands at a tense moment, with the White House pressing for more influence over monetary policy and clashing with the Fed’s tradition of independence.
The Senate Banking Committee hearing on September 4 will be an important gauge of Republican backing for Trump’s push and could reshape the balance of power between the administration and the central bank.
Stephen Miran: The strategist behind Trump tariffs
Stephen Miran, who heads the White House Council of Economic Advisers, has been one of the main drivers behind Trump’s economic playbook since early 2024.
He was instrumental in shaping the administration’s tariff push, leaning on the International Emergency Economic Powers Act to roll out gradual hikes aimed at boosting domestic investment and shielding US industries.
Stephen Miran’s broader economic stance calls for a bigger presidential role in steering Fed policy, a sharp break from the central bank’s long-held independence.
Both his tariff support and push for tighter control over monetary policy fit neatly with Trump’s overall economic agenda.
Before being tapped for the Fed seat, Miran built his resume with roles at top financial firms and served in the Treasury during the COVID-19 crisis.
In his writings, he’s argued for limiting the revolving door between the Fed and the White House, shortening governors’ terms to give the president more sway, and even putting the Fed’s budget under congressional control.
That hard line on Fed independence has stirred plenty of debate, with critics warning it could open the door to political meddling in interest rate decisions and broader monetary policy.
Fed independence faces new test
Stephen Miran’s Senate confirmation hearing is shaping up to be a heated one.
He’s promised to stick to the Fed’s dual mandate of stable prices and strong jobs, but Democrats and a number of economists remain deeply uneasy about his past push to rein in the Fed’s independence.
Senator Elizabeth Warren, the top Democrat on the Banking Committee, has already signaled she’ll press him hard, warning that Trump’s broader efforts to sideline the current Fed Chair and other governors risk undermining the central bank’s political neutrality.
Miran is expected to clear the Senate with Republican backing, though a few GOP senators have hinted at the need for caution to protect the Fed’s credibility.
If confirmed, he’d serve through January 2026, a stretch that covers key rate decisions and the search for Jerome Powell’s long-term successor.
Market watchers say his presence on the board could help steepen the yield curve and give Trump a more direct hand in shaping Fed policy debates.
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