Before Stephen Miran was entrusted with the crucial role of Chairman of the White House Council of Economic Advisers, many people in Washington and Wall Street didn't even know how to pronounce his surname. Just a few months later, he was assigned by Donald Trump to fill a vacant position on the Federal Reserve Board, with the possibility of establishing long-term roots at the central bank. If his nomination is confirmed, Miran could influence the future direction of U.S. interest rates. Additionally, he holds systematic hawkish positions on trade policy. This profile introduces this economist who enjoys the current president's trust and reliance.

"He has been by my side since the beginning of my second term, and his expertise in economics is unparalleled." — Trump wrote in his August 2025 statement nominating Miran for Federal Reserve Governor

Personal Profile

Miran was born in New York State in June 1983; He majored in economics, philosophy, and mathematics at Boston University for his undergraduate degree, and later obtained a Ph.D. in economics from Harvard University; During Trump's first presidential term from 2020-2021, he briefly served as Senior Advisor for Economic Policy at the Treasury Department, assisting in formulating fiscal policies to address the COVID-19 pandemic.

White House Council of Economic Advisers Chairman Stephen Miran In December 2024, Miran was nominated by Trump as Chairman of the White House Council of Economic Advisers and was confirmed by the Senate in March of the following year. In August this year, he was again nominated by Trump to replace Adriana Kugler, who resigned early, to complete her Federal Reserve Board term originally set to expire in January 2026; the full term for a Board position is 14 years, and Trump indicated at the end of August that he might allow Miran to establish long-term roots at the central bank. On September 10, Miran's nomination passed the Senate Banking Committee; Republicans plan to bring it to a full Senate vote on Monday evening. Once confirmed, he would be able to participate in the Federal Open Market Committee meeting scheduled for September 16-17. During his Senate Banking Committee hearing, Miran stated frankly that Trump "nominated me because he likes my policy views." According to Miran's LinkedIn profile, he has over ten years of experience in the financial sector, having worked as a foreign exchange analyst, macro analyst, portfolio manager, and senior strategist, while also serving as a researcher at the Manhattan Institute think tank. Shortly after the November 2024 presidential election concluded, Miran, who was then serving as Senior Strategist at Hudson Bay Capital, published "A User's Guide to Restructuring the Global Trading System" (hereinafter referred to as "The Guide"), a comprehensive 41-page document that Wall Street viewed as a barometer for exploring Trump's trade policy blueprint. Miran discussed the potential impacts of tariffs and Federal Reserve Chair candidates in interviews:

"What I would say is that adjustment is difficult, adjustment doesn't happen overnight. In the long run, I have no doubt that the countries we impose tariffs on will ultimately bear the burden of those tariffs, whether through price reductions or through other channels like exchange rates — this already happened when we imposed tariffs on China in 2018 and 2019." — Miran's response when asked who would pay for the tariffs

Policy Positions Miran has detailed the costs of a strong dollar, and his various concepts form the foundation of the so-called "Mar-a-Lago Accord." In "The Guide," he suggests imposing "user fees" on foreign officials holding U.S. Treasury bonds to weaken demand for reserve assets, thereby pushing the dollar lower and restoring America's export competitiveness. However, he later aligned with other members of Trump's economic team, denying in a May program that Washington was secretly negotiating to suppress the dollar, and listing the benefits of a strong dollar. Miran advocates using tariffs as a strategic tool, stating that review mechanisms would be established to ensure companies genuinely fulfill their commitments to expand American manufacturing. Like other Trump administration officials, Miran denies that tariffs pose inflation risks and stated after the July CPI report that inflation was "performing well." After Trump announced reciprocal tariffs on April 2, Miran sought to dispel Wall Street's growing recession concerns, stating that volatility was expected. He also projected in late June that Trump's policy mix would reduce the deficit by up to $11 trillion, and estimated in August that tariffs would generate nearly $4 trillion in revenue over ten years. Miran has been critical of the Federal Reserve, co-authoring an article as early as March last year claiming that the central bank's policy mistakes stemmed from "groupthink" and calling for comprehensive reforms to Federal Reserve Board terms and other aspects; in August this year, when discussing Federal Reserve Chair candidates, Miran praised Governor Christopher Waller for not suffering from "tariff derangement syndrome" like others and having an "impressive track record." Although Miran proposed multiple reforms to the Federal Reserve in "The Guide," including weakening its independence, he promised during his September 4 hearing to maintain central bank independence and make decisions based on his own analysis. He also stated that the central bank's most important responsibility is to prevent economic depression and hyperinflation. Miran has also suggested selling gold; in "The Guide," he wrote that the government could promote the appreciation of "undervalued" currencies by exchanging gold for dollars and then converting them to foreign currencies. He also suggested replacing non-interest-bearing gold with foreign government bonds to create additional revenue sources for the United States.