{{Short description|American economist (born 1983)}} {{Use shortened footnotes|date=August 2025}} {{Use American English|date=August 2025}} {{Use mdy dates|date=August 2025}} {{Infobox officeholder | name = Stephen Miran | image = Official portrait of Governor Stephen I. Miran HIGH RES miran stephen (54810191208) (cropped).jpg | caption = Official portrait, 2025 | office = Member of the [[Federal Reserve Board of Governors]] | president = [[Donald Trump]] | term_start = September 16, 2025 | term_end = May 22, 2026 | predecessor = [[Adriana Kugler]] | successor = [[Kevin Warsh]] | office1 = 32nd [[Chair of the Council of Economic Advisers]] | president1 = Donald Trump | term_start1 = March 13, 2025 | term_end1 = February 3, 2026<br>On leave: September 16, 2025 – February 3, 2026 | predecessor1 = [[Jared Bernstein]] | successor1 = [[Pierre Yared]] (acting) | birth_name = Stephen Ira Miran | birth_date = {{birth year and age|1983|6}} | birth_place = [[Pearl River, New York]], U.S. | death_date = | death_place = | party = | education = {{ubl |[[Boston University]] ([[Bachelor of Arts|BA]]) |[[Harvard University]] ([[Master of Arts|MA]], [[Doctor of Philosophy|PhD]])}} | module = {{Infobox scientist | embed = yes | fields = [[Economics]]<br>[[Public policy]] | thesis_title = Essays on Household Saving Behavior and Fiscal Policy | thesis_url = https://www.proquest.com/docview/610795536/ | thesis_year = 2010 | doctoral_advisor = [[Martin Feldstein]]}} }} '''Stephen Ira Miran''' ({{IPAc-en|m|aɪ|r|ʌ|n|}}; {{Respell|MY|run}};<ref name="Wall Street Hooked">{{Cite web |last=Mohsin |first=Saleha |url=https://www.bloomberg.com/news/articles/2025-02-26/trump-s-big-picture-economist-already-has-wall-street-hooked |title=Trump's Big-Picture Economist Already Has Wall Street Hooked |date=February 26, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> born June 1983) is an American economist who served as a member of the [[Federal Reserve Board of Governors]] from September 2025 to May 2026. Miran served as the [[Council of Economic Advisers|chair of the Council of Economic Advisers]] from January 2025 to January 2026; he was on leave from September 2025 to January 2026.
Miran graduated from [[Boston University]] with a [[Bachelor of Arts|bachelor's degree]] in economics and philosophy and from [[Harvard University]] with a doctorate in economics in 2010. After graduating from Harvard, he worked for Lily Pond Capital Management as an analyst, later joining [[Fidelity Investments]] and Sovarnum Capital. Miran became the head of macroeconomic strategy at Sovarnum in 2015. In April 2020, amid the [[COVID-19 pandemic in the United States|COVID-19 pandemic]], he served as a senior advisor for economic strategy at the [[United States Department of the Treasury]]. After [[Joe Biden]]'s [[Inauguration of Joe Biden|inauguration]] in January 2021, Miran returned to the private sector, co-founding Amberwave Partners. Miran joined [[Hudson Bay Capital Management]] as a senior strategist in February 2024.
In December 2024, President [[Donald Trump]] nominated Miran for chair of the Council of Economic Advisers. He was confirmed by the [[United States Senate]] in March 2025. Miran developed the [[Second presidency of Donald Trump|Trump administration]]'s [[Tariffs in the second Trump administration|tariff policy]], opining that import taxes are not inflationary. After [[Federal Reserve]] governor [[Adriana Kugler]] announced her resignation in August, Trump named Miran as his nominee to succeed Kugler. In September, he was confirmed by the Senate and sworn in that month.
==Early life and education (1983–2010)== Stephen Ira Miran<ref>{{Cite web |title=特朗普贸易战2.0：解读关税大棒对中港台的影响 |url=https://www.bbc.com/zhongwen/articles/czx763znx0yo/simp |date=February 20, 2025 |publisher=[[BBC News]] |lang=zh-hans |trans-title=Trump's trade war 2.0: Understanding the impact of tariffs on China, Hong Kong, Taiwan |access-date=August 7, 2025}}</ref> was born in June 1983<ref>{{Cite document |title=Stephen I Miran I in the U.S., Index to Public Records, 1994-2019 |publisher=Index to Public Records}}</ref> in [[Pearl River, New York]].<ref name="Musical education">{{Cite news |title=Musical education offers many lessons |url=https://www.newspapers.com/article/the-journal-news-musical-education-offer/178418226/ |date=August 14, 1998 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref> Miran was born to Dan and Jane Miran.<ref>{{Cite news |last1=Woller |first1=Barbara |last2=Naim |first2=Dana |url=https://www.newspapers.com/article/the-journal-news-returns-many-if-not-ha/178418455/ |title=Return: Many if not happy |date=December 27, 2004 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref> Dan and Jane were civil servants who met at the [[Social Security Administration]].<ref name=Tully>{{Cite web |last=Tully |first=Shawn |url=https://fortune.com/article/who-is-stephen-miran-paper-trump-tariffs/ |title=How Stephen Miran—a Harvard-trained former free market champion—became Trump's top ideologue on tariffs |date=May 29, 2025 |work=[[Fortune (magazine)|Fortune]] |access-date=August 7, 2025}}</ref> Miran graduated [[salutatorian]] from [[Nanuet Senior High School]] in May 2001.<ref name="Valedictorians & salutatorians">{{Cite news |title=Valedictorians & salutatorians |url=https://www.newspapers.com/article/the-journal-news-valedictorians-saluta/178418119/ |date=June 17, 2001 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref> In high school, he conducted and was named to the area music festival as a senior.<ref name="Musical education"/><ref>{{Cite news |title=School events |url=https://www.newspapers.com/article/the-journal-news-school-events/178418376/ |date=December 25, 2000 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref> Miran was a [[National Merit Scholarship Program|National Merit]] finalist.<ref>{{Cite news |title=School events |url=https://www.newspapers.com/article/the-journal-news-school-events/178418399/ |date=March 19, 2001 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref>
Miran attended [[Boston University]], initially majoring in biochemistry<ref name="Valedictorians & salutatorians"/> then switching to economics and philosophy with a minor in math.<ref name="Amberwave Invest USA JSG Fund"/> Miran was inducted into the [[Boston University College of Arts and Sciences|College of Arts and Sciences]]'s chapter of [[Phi Beta Kappa]].<ref>{{Cite news |title=Campus Notes |url=https://www.newspapers.com/article/the-journal-news-campus-notes/178418546/ |date=December 16, 2004 |work=[[The Journal News]] |access-date=August 7, 2025}}</ref> He graduated ''[[summa cum laude]]''<ref name="Amberwave Invest USA JSG Fund"/> from Boston University<ref name="Friedman">{{Cite web |last=Friedman |first=Lisa |url=https://www.nytimes.com/2024/12/22/climate/trump-miran-council-of-economic-advisers.html |title=Trump Picks a Former Treasury Official as His Top Economist |date=December 22, 2024 |work=[[The New York Times]] |access-date=August 7, 2025}}</ref> and from [[Harvard University]] with a doctorate in economics in 2010.<ref name=Ip>{{Cite web |last=Ip |first=Greg |url=https://www.wsj.com/economy/trade/trump-tariffs-economost-stephen-miran-1d8f31f2 |title=Trump's New Economist Makes the Case for 20% Tariffs |date=January 12, 2025 |author-link=Greg Ip |work=[[The Wall Street Journal]] |access-date=August 7, 2025}}</ref> His doctoral advisors at Harvard included David Cutler, who served in the [[Presidency of Bill Clinton|Clinton administration]],<ref name=Ip/> and Martin Feldstein, who served as [[Ronald Reagan]]'s [[chair of the Council of Economic Advisers]] from 1982 to 1984.<ref name=Tully/>
==Career== ===Private sector analyst and portfolio manager (2010–2020)=== After graduating from Harvard, Miran worked for Lily Pond Capital Management as an analyst.<ref name=Tully/> He worked for [[Fidelity Investments]] two years later and joined Sovarnum Capital as a portfolio manager in November 2014.<ref name="Amberwave Invest USA JSG Fund">{{Cite document |title=Amberwave Invest USA JSG Fund |publisher=[[Securities and Exchange Commission]] |page=16-17}}</ref> In 2015,<ref name=Tully/> Miran became the head of macroeconomic strategy at Sovarnum.<ref name="Amberwave Invest USA JSG Fund"/> He resigned in March 2020.<ref name="Amberwave Invest USA JSG Fund"/>
===Department of the Treasury and return to the private sector (2020–2025)=== In April 2020, amid the [[COVID-19 pandemic in the United States|COVID-19 pandemic]], Miran acted as a senior advisor for economic strategy at the [[United States Department of the Treasury]].<ref name="Amberwave Invest USA JSG Fund"/> His work involved influencing the [[CARES Act]]. Miran resigned after [[Joe Biden]]'s [[Inauguration of Joe Biden|inauguration]] in January 2021.{{Sfn|Tully|2025}} Miran co-founded a firm, Amberwave Partners,<ref name="Friedman"/> with [[Daniel Katz (lawyer)|Dan Katz]], whom he had met at the Department of Treasury.{{Sfn|Tully|2025}} In 2023, he left Amberwave—which later shut down<ref name=Goldfarb>{{Cite web |last1=Goldfarb |first1=Sam |last2=Grossman |first2=Matt |url=https://www.wsj.com/politics/elections/how-trumps-provocative-economist-crashed-the-federal-reserve-2a9840e8 |title=How Trump's Provocative Economist Crashed the Federal Reserve |date=September 15, 2025 |work=[[The Wall Street Journal]] |access-date=September 15, 2025}}</ref> —to join the [[Manhattan Institute]]. Miran contributed articles to the Manhattan Institute's ''[[City Journal]]'', ''[[The Wall Street Journal]]'', ''[[Barron's]]'', and the ''[[Financial Times]]''.{{Sfn|Tully|2025}} He joined [[Hudson Bay Capital Management]] as a senior strategist in February 2024.<ref name="Friedman"/>
==Chair of the Council of Economic Advisers (2025–2026)== In February 2024, [[Scott Bessent]] began supporting [[Donald Trump]]'s [[Donald Trump 2024 presidential campaign|2024 presidential campaign]]. He sought out Miran to support him.<ref name="Wall Street Hooked"/> Miran donated {{USD|1000}} to Never Surrender, a pro-Trump [[political action committee]], and an additional {{USD|1000}} to Trump 47, a joint fund-raising committee, that year.<ref name="Friedman"/> On December 22, Trump named Miran as his nominee for [[chair of the Council of Economic Advisers]].<ref name="Friedman"/> In January 2025, [[Bloomberg News]] reported that Miran was among several Trump advisors studying gradual tariff hikes using the [[International Emergency Economic Powers Act]].<ref>{{Cite web |last1=Leonard |first1=Jenny |last2=Mohsin |first2=Saleha |url=https://www.bloomberg.com/news/articles/2025-01-13/trump-team-studies-gradual-tariff-hikes-under-emergency-powers |title=Trump Team Studies Gradual Tariff Hikes Under Emergency Powers |date=January 13, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> He appeared before the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Committee on Banking, Housing, and Urban Affairs]] on February 27. Miran affirmed his support for tariffs to encourage investment.<ref>{{Cite web |last=Flatley |first=Daniel |url=https://www.bloomberg.com/news/articles/2025-02-27/us-can-have-fabulous-economy-with-tariffs-trump-adviser-says |title=US Can Be 'Fabulous Economy' With Tariffs, Trump Aide Says |date=February 27, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> On March 6, the Committee on Banking, Housing, and Urban Affairs voted to advance his nomination 13–11 along party lines.<ref>{{Cite web |last=Sutton |first=Sam |url=https://subscriber.politicopro.com/article/2025/03/senate-panel-clears-miran-for-vote-to-become-trump-economic-adviser-00215969 |title=Senate panel clears Miran for vote to become Trump economic adviser |date=March 6, 2025 |work=[[Politico Pro]] |access-date=August 8, 2025}}</ref> Miran was confirmed by the [[United States Senate|Senate]] on March 12.<ref>{{Cite web |last=McKenna |first=Greg |url=https://fortune.com/2025/03/13/trump-economist-blueprint-tariffs-inflation/ |title=Trump's chief economist has a blueprint to force countries to pay for tariffs without reigniting inflation, but he says the path to success is narrow |date=March 13, 2025 |work=[[Fortune (magazine)|Fortune]] |access-date=August 7, 2025}}</ref>
As chair of the [[Council of Economic Advisers]], Miran developed Trump's [[Tariffs in the second Trump administration|tariff]] policies;<ref name="NYT Trump Taps">{{Cite web |last1=Smith |first1=Colby |last2=Romm |first2=Tony |url=https://www.nytimes.com/2025/08/07/us/politics/trump-federal-reserve-stephen-miran.html |title=Trump Taps Top Economic Adviser to Join the Fed's Board of Governors |date=August 7, 2025 |work=[[The New York Times]] |access-date=August 8, 2025}}</ref> the ''[[Financial Times]]'' described him as an "architect" of Trump's tariffs.<ref>{{Cite web |last=Jones |first=Claire |url=https://www.ft.com/content/298bf95e-49ec-4d9f-8948-b7f72cf4ffdd |title=Donald Trump to nominate Stephen Miran to Federal Reserve board |date=August 7, 2025 |work=[[Financial Times]] |access-date=August 8, 2025}}</ref> Miran's practices defied optimistic projections and early data.<ref="NYT Trump Taps"/> In response to concerns that the Council of Economic Advisers's [[gross domestic product]] estimation of the [[One Big Beautiful Bill Act]] was relatively high, Miran stated that other models had been inaccurate in the past.<ref>{{Cite web |last=Romm |first=Tony |url=https://www.nytimes.com/2025/06/04/us/politics/trump-budget-bill-republicans-tax-cuts.html |title=Republicans Try to Discredit Experts Warning About the Cost of Tax Cuts |date=June 4, 2025 |work=[[The New York Times]] |access-date=August 8, 2025}}</ref> He resigned on February 3, 2026, to remain at the [[Federal Reserve]].<ref>{{Cite web |last=Guida |first=Victoria |url=https://www.politico.com/news/2026/02/03/miran-resigns-from-white-house-set-to-stay-at-fed-for-now-00763608 |title=Top Trump adviser Miran resigns White House post to stay on at the Fed |date=February 3, 2026 |work=[[Politico]] |access-date=February 3, 2026}}</ref>
==Federal Reserve Board of Governors (2025–2026)== ===Nomination and confirmation=== [[File:Stephen Miran is sworn in, September 2025.jpg|thumb|Miran is sworn in as governor on September 16, 2025.]]
On August 7, 2025, Trump named Miran as his nominee to succeed [[Adriana Kugler]] as a member of the [[Federal Reserve Board of Governors]].<ref name="Bloomberg Miran Fill">{{Cite web |last=Mohsin |first=Saleha |url=https://www.bloomberg.com/news/articles/2025-08-07/trump-names-miran-to-fill-seat-on-federal-reserve-board |title=Trump Names Miran to Fill Seat on Federal Reserve Board |date=August 7, 2025 |publisher=[[Bloomberg News]] |access-date=August 7, 2025}}</ref> Miran occupied the seat through Kugler's remaining term that expired 31 January 2026. The decision to nominate Miran occurred as Trump had stated his intention to replace [[Jerome Powell]], the [[chair of the Federal Reserve]]; Trump signaled that he would seek a "permanent replacement" who could succeed Powell.<ref>{{Cite web |last1=Omeokwe |first1=Amara |last2=Capurro |first2=Maria |url=https://www.bloomberg.com/news/articles/2025-08-08/trump-s-surprise-fed-pick-buys-him-time-on-chair-selection |title=Trump's Surprise Fed Pick Buys Him Time on Chair Selection |date=August 7, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> Miran's nomination occurred amid the Senate's recess.<ref name="Bloomberg Miran Fill"/> According to ''[[The New York Times]]'', while his tenure was to conclude within months, Miran was able to influence discussions surrounding interest rates and Powell's successor.<ref>{{Cite web |last=Smith |first=Colby |url=https://www.nytimes.com/2025/08/08/business/economy/fed-miran-rates-powell-trump.html |title='A Loyalist Inside the Building': Trump's Temporary Fed Pick Could Have a Lasting Effect |date=August 8, 2025 |work=[[The New York Times]] |access-date=August 8, 2025}}</ref>
After Trump attempted to fire Federal Reserve Board of Governors member [[Lisa Cook]], he privately suggested nominating Miran to replace Cook.<ref>{{Cite web |last=Schwartz |first=Brian |url=https://www.wsj.com/politics/policy/trump-weighs-quickly-announcing-nominee-to-replace-lisa-cook-on-fed-board-491aea2a |title=Trump Weighs Quickly Announcing Nominee to Replace Lisa Cook on Fed Board |date=August 26, 2025 |work=[[The Wall Street Journal]] |access-date=August 26, 2025}}</ref> Miran appeared before the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Committee on Banking, Housing, and Urban Affairs]] on September 4. He told the committee that he intended to keep his position as chair of the Council of Economic Advisers while serving on the Board of Governors, but that he would take an unpaid leave of absence.<ref>{{Cite news |last=Ackerman |first=Andrew |url=https://www.washingtonpost.com/business/2025/09/04/stephen-miran-white-house-federal-reserve/ |title=Trump's pick for Federal Reserve plans to keep his White House job while on Fed |date=September 4, 2025 |newspaper=[[The Washington Post]] |access-date=September 4, 2025}}</ref> The unprecedented arrangement elicited concerns of violating [[central bank independence]].<ref="NYT Trump Taps"/>
The Committee on Banking, Housing, and Urban Affairs voted to advance Miran's nomination 13–11 along party lines on September 10, positioning him to be confirmed prior to the Federal Reserve's meeting the following week.<ref>{{Cite web |last1=Smith |first1=Colby |last2=Romm |first2=Tony |url=https://www.nytimes.com/2025/09/10/business/trump-fed-stephen-miran.html |title=Republicans Advance Trump's Fed Pick Despite Ties to White House |date=September 10, 2025 |work=[[The New York Times]] |access-date=September 15, 2025}}</ref> On September 15, he was confirmed by the [[United States Senate|Senate]] in a 48–47 vote<ref>{{Cite web |last=Timiraos |first=Nick |url=https://www.wsj.com/economy/central-banking/stephen-miran-fed-confirmed-senate-91ad8a8f |title=Senate Votes to Confirm Trump Pick Stephen Miran to Fed Board |date=September 15, 2025 |work=[[The Wall Street Journal]] |access-date=September 15, 2025}}</ref> along party lines, with the exception of [[Alaska]] senator [[Lisa Murkowski]], a [[Republican Party (United States)|Republican]] who voted against Miran. He was the first member of the Federal Reserve to concurrently serve within the federal executive branch since the 1930s.<ref>{{Cite news |last1=Ackerman |first1=Andrew |last2=Meyer |first2=Theodoric |url=https://www.washingtonpost.com/business/2025/09/15/miran-trump-federal-reserve/ |title=Senate confirms Trump adviser to top Fed role |date=September 15, 2025 |newspaper=[[The Washington Post]] |access-date=September 15, 2025}}</ref> Miran was sworn in the following day, as the Federal Reserve began a two-day meeting.<ref>{{Cite web |last=Smith |first=Colby |url=https://www.nytimes.com/live/2025/09/16/us/trump-news/00f00221-6db9-5030-937c-f2ca8fca76c6 |title=Stephen Miran has been sworn in as a member of the Federal Reserve's Board of Governors just as the central bank is kicking off its two-day meeting, after which it is expected to lower interest rates for the first time since December. |date=September 16, 2025 |work=[[The New York Times]] |access-date=September 16, 2025}}</ref>
On March 4, 2026, Trump nominated [[Kevin Warsh]] to succeed Miran.<ref>{{Cite web |last=Condon |first=Christopher |url=https://www.bloomberg.com/news/articles/2026-03-04/warsh-nominated-for-fed-chair-path-to-confirmation-unclear |title=Warsh Nominated for Fed Chair, Path to Confirmation Unclear |date=March 4, 2026 |publisher=[[Bloomberg News]] |access-date=March 6, 2026}}</ref> The Senate confirmed Warsh on May 12, 2026.<ref>{{cite news|url=https://www.politico.com/news/2026/05/12/senate-warsh-fed-board-chair-trump-00915835#:~:text=Warsh%E2%80%99s%20joining%20the,to%20his%20seat.|title=Senate confirms Warsh for seat on Fed Board, clearing path to become chair|publisher=[[Politico]]|date=May 12, 2026|last=Sutton|first=Sam}}</ref>
===Tenure=== Miran voted for a half-point reduction to interest rates at his first Federal Reserve meeting in September 2025.<ref>{{Cite web |last=Smith |first=Colby |url=https://www.nytimes.com/2025/09/17/business/economy/fed-rate-cut-powell.html |title=Fed Cuts Rates for First Time This Year |date=September 17, 2025 |work=[[The New York Times]] |access-date=September 17, 2025}}</ref>
==Views== ===Fiscal and monetary issues=== In July 2024, Miran and the economist [[Nouriel Roubini]] accused secretary of the treasury [[Janet Yellen]] of manipulating [[United States Treasury security|Treasury securities]] to lower borrowing costs, particularly by relying on short-dated bills and allegedly causing the equivalent of a percentage point reduction in the [[federal funds rate]]. Yellen rejected the paper's claim in an interview with [[Bloomberg News]].<ref>{{Cite web |last=Condon |first=Christopher |url=https://www.bloomberg.com/news/articles/2024-07-26/yellen-rejects-roubini-claim-of-manipulation-in-treasuries |title=Yellen Rejects Roubini Claim of 'Manipulation' in Treasuries |date=July 26, 2024 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref>
In March 2024, Miran and Dan Katz called for reforms to the [[Federal Reserve]], including decreasing the terms of members from fourteen years to eight years, allowing members to be fired by the president, and allowing state governors to appoint Federal Reserve bank board members.<ref name=McCarthy>{{Cite web |last1=McCarthy |first1=Mia |last2=Harty |first2=Declan |url=https://www.politico.com/news/2024/12/22/trump-stephen-miran-council-of-economic-advisers-00195835 |title=Stephen Miran is Trump's pick to lead Council of Economic Advisers |date=December 22, 2024 |work=[[Politico]] |access-date=August 8, 2025}}</ref> Miran criticized [[Jerome Powell]], the [[chair of the Federal Reserve]], for encouraging [[United States Congress|Congress]] to pursue a large fiscal stimulus in October 2020, amid the [[COVID-19 pandemic in the United States|COVID-19 pandemic]].<ref>{{Cite web |last=Chávez |first=Steff |url=https://www.ft.com/content/e03709dd-7d8b-4340-b9b1-a5bc3b975d0e |title=Democrats demand Donald Trump nominee commit to Fed's independence |date=February 24, 2025 |work=[[Financial Times]] |access-date=August 8, 2025}}</ref> As governor, Miran has rejected concerns that he has acted on behalf of president [[Donald Trump]] in interest rate votes.<ref>{{Cite web |last1=Romm |first1=Tony |last2=Smith |first2=Colby |url=https://www.nytimes.com/2025/09/19/us/politics/stephen-miran-fed-interest-rates.html |title=New to the Fed, Miran Defends Calls for Sharper Reduction in Interest Rates |date=September 19, 2025 |work=[[The New York Times]] |access-date=September 19, 2025}}</ref>
Miran supported the permanent tax cuts instituted by the [[One Big Beautiful Bill Act]] to incentivize expanded [[labor supply]], investments, and manufacturing capacity.<ref>{{Cite web |last=Irwin |first=Neil |url=https://www.axios.com/2025/01/03/trump-biden-economics-ev |title=How Trump might rewire Bidenomics |date=January 4, 2025 |work=[[Axios (website)|Axios]] |access-date=August 8, 2025}}</ref> He praised the bill for creating jobs that would provide private insurance for current [[Medicaid (United States)|Medicaid]] recipients.<ref>{{Cite web |last=Romm |first=Tony |url=https://www.nytimes.com/2025/07/01/business/poor-americans-senate-legislation.html |title=Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package |date=July 1, 2025 |work=[[The New York Times]] |access-date=August 8, 2025}}</ref>
===Trade and industrial policy=== Miran is a proponent of tariffs and has argued that broad levies do not cause [[inflation]], owing to a stronger [[exchange rate]].<ref>{{Cite web |last=Rappeport |first=Alan |url=https://www.nytimes.com/2025/01/20/us/politics/trump-us-economy.html |title=Trump Agenda Heralds an Economic Experiment for the U.S. |date=January 20, 2025 |author-link=Alan Rappeport |work=[[The New York Times]] |access-date=August 8, 2025}}</ref> He praised former [[Massachusetts]] governor [[Mitt Romney]] for threatening to impose tariffs on China;<ref name=Goldfarb/> similar promises made by Trump in his [[Donald Trump 2016 presidential campaign|2016 presidential campaign]] led him to support the businessman.<ref name=Goldfarb/> In November 2024, Miran published a report for Hudson Bay Capital Management titled "A User's Guide to Restructuring the Global Trading System".<ref name=Ip/> The paper largely formed the basis for the Mar-a-Lago Accord, a proposed economic and trade initiative.<ref>{{Cite web |last=McCormick |first=Liz |url=https://www.bloomberg.com/news/articles/2025-02-20/-mar-a-lago-accord-chatter-is-getting-wall-street-s-attention |title='Mar-a-Lago Accord' Chatter Is Getting Wall Street's Attention |date=February 20, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> Miran advocated for a "restructuring of the global trading system". He argued that the [[strong dollar policy]] had harmed manufacturing in the United States.<ref>{{Cite web |last=Scott |first=Malcolm |url=https://www.bloomberg.com/news/newsletters/2025-02-01/what-are-trump-s-options-for-dealing-with-his-dollar-dilemma |title=Trump's Options for Dealing With His Dollar 'Dilemma' |date=February 1, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> To weaken the [[United States dollar]], Miran proposed selling the United States's [[gold reserve]] and investing in foreign currencies.<ref>{{Cite web |last1=Ryan |first1=Jack |last2=Li |first2=Yvonne |last3=Mohsin |first3=Saleha |url=https://www.bloomberg.com/news/articles/2025-02-13/wall-street-talk-of-revaluing-us-gold-isn-t-persuading-white-house |title=Wall Street Talk of Revaluing US Gold Is Drawing Attention — and Skepticism |date=February 13, 2025 |publisher=[[Bloomberg News]] |access-date=August 8, 2025}}</ref> The document received renewed attention leading up to Miran's confirmation.<ref name="Wall Street Hooked"/>
Miran is a critic of the [[economic policy of the Joe Biden administration]].<ref>{{Cite web |last1=Stokols |first1=Eli |last2=Egan |first2=Lauren |last3=Ukenye |first3=Lawrence |url=https://www.politico.com/newsletters/west-wing-playbook/2023/09/20/tom-perez-wachya-doin-00117200 |title=Tom Perez, wachya doin? |date=September 20, 2023 |author-link1=Eli Stokols |work=[[Politico]] |access-date=August 8, 2025}}</ref> In August 2021, he warned that the [[Build Back Better Act]] would worsen the [[2021–2023 inflation surge|inflation surge]].<ref name=McCarthy/> Miran detailed his criticisms in a [[Manhattan Institute]] article in February 2024, primarily involving Biden's subsidies for electric cars and regulations on labor and the environment. He suggested that industrial policy should be motivated by the defense industry and should focus on supply-side reforms.<ref>{{Cite web |last=Irwin |first=Neil |url=https://www.axios.com/2025/05/20/economic-growth-big-beautiful-bill-white-house |title=White House forecasts "big, beautiful bill" would drive stunning economic growth |date=May 20, 2025 |work=[[Axios (website)|Axios]] |access-date=August 8, 2025}}</ref>
===Government affairs=== In 2024, Miran condemned the "revolving door between the executive branch and the [Federal Reserve]" in an article for the [[Manhattan Institute]].<ref>{{Cite web |last1=Romm |first1=Tony |last2=Smith |first2=Colby |url=https://www.nytimes.com/2025/09/15/business/stephen-miran-confirmed-fed.html |title=Senate Confirms Stephen Miran as Fed Governor |date=September 15, 2025 |work=[[The New York Times]] |access-date=September 15, 2025}}</ref> In August 2025, after Trump fired the [[Commissioner of Labor Statistics|commissioner of labor statistics]], [[Erika McEntarfer]], Miran told ''[[Axios (website)|Axios]]'' that the [[Bureau of Labor Statistics]] needed reform, though he did not explicitly concur with Trump's claim that McEntarfer had manipulated statistics to politically bolster [[Joe Biden]].<ref>{{Cite web |last=Brown |first=Courtenay |url=https://www.axios.com/2025/08/01/trump-jobs-bls-miran |title=Top White House economist: I believe jobs numbers, but agency needs fixes |date=August 1, 2025 |work=[[Axios (website)|Axios]] |access-date=August 8, 2025}}</ref>
==References== {{Reflist}}
==External links== *{{C-SPAN|140473}}
{{s-start}} {{s-off}} {{s-bef|before=[[Jared Bernstein]]}} {{s-ttl|title=Chair of the [[Council of Economic Advisers]]|years=2025–2026}} {{s-aft|after=[[Pierre Yared]]<br>Acting}} |- {{s-gov}} {{s-bef|before=[[Adriana Kugler]]}} {{s-ttl|title=Member of the [[Federal Reserve Board of Governors]]|years=2025–2026}} {{s-aft|after=[[Kevin Warsh]]}} {{s-end}}
{{CEA Chairs}}
{{DEFAULTSORT:Miran, Stephen}} [[Category:1983 births]] [[Category:Boston University alumni]] [[Category:Chairs of the United States Council of Economic Advisers]] [[Category:Federal Reserve System governors]] [[Category:Harvard University alumni]] [[Category:Jewish American government officials]] [[Category:Living people]] [[Category:Second Trump administration cabinet members]] [[Category:United States Council of Economic Advisers]]