Today's News: Trump Nominates Powell Critic Stephen Miran to the Federal Reserve Board
This move follows the unexpected early resignation of Governor Adriana Kugler. Miran, a Harvard-trained economist, is known for his support of Trump’s tariff policies.
Photo: Al Drago/Bloomberg News
Overview
Date: August 7, 2025
Topic: President Trump’s Nomination of Stephen Miran to the Federal Reserve Board
Summary: President Donald Trump announced his nomination of Stephen Miran, his current Council of Economic Advisers Chairman, to temporarily fill a vacant seat on the Federal Reserve’s Board of Governors until January 31, 2026. This move follows the unexpected early resignation of Governor Adriana Kugler. Miran, a Harvard-trained economist, is known for his support of Trump’s tariff policies and has been a vocal critic of current Fed Chair Jerome Powell, advocating for lower interest rates. The nomination is seen as a strategic step by Trump to influence the nation’s monetary policy and potentially position a future successor for Powell, whose term as chair expires next year.
Sources
Fox Business - Trump names replacement for Fed seat; still looking for permanent appointee
CNN - Trump is nominating Stephen Miran to temporarily fill vacancy at the Fed
NBC News - Trump to nominate Stephen Miran to serve on Fed’s board until January
The Wall Street Journal - Trump Will Nominate Economic Adviser Stephen Miran to Fed Vacancy
Key Points
President Donald Trump nominated Stephen Miran to a temporary seat on the Federal Reserve Board of Governors, serving until January 31, 2026.
Miran’s nomination fills the vacancy left by Governor Adriana Kugler, who unexpectedly resigned early.
Stephen Miran currently serves as the Chairman of the Council of Economic Advisers and holds a Ph.D. in economics from Harvard.
Miran is a known critic of current Federal Reserve Chair Jerome Powell and generally supports lower interest rates.
The nomination is viewed as an effort by Trump to influence the Fed’s monetary policy and potentially position a successor for Powell, whose term as chair ends in May 2026.
Senate confirmation is required for Miran to assume the role.
The articles highlight the ongoing contentious relationship between Trump and Powell, primarily concerning interest rate policy and the independence of the Federal Reserve.
Unique Highlights
Fox Business: Notes a former Trump advisor, Stephen Moore, called Powell the “most political Fed Chairman” he’d seen and called for his resignation. It also mentions “prediction markets” favoring “The Kevins” (referring to Kevin Hassett and Kevin Warsh) as potential Fed Chair picks.
CNN: Credits Miran with creating the “intellectual backbone” of Trump’s expansive tariff policy and details his career path including stints at the Treasury Department, Manhattan Institute, and Hudson Bay Capital. It also mentions that former Fed Chairs Janet Yellen and Ben Bernanke also led the Council of Economic Advisers before helming the central bank.
NBC News: Reports that the U.S. dollar index immediately erased its gain for the day and turned lower on the announcement. It details Miran’s paper “A User’s Guide to Restructuring the Global Trading System,” which argued for “sweeping tariffs” and suggested that balancing trade deficits might require weakening the U.S. dollar through “gradualism or coordination with allies or the Federal Reserve.” It also highlights Miran’s 2024 co-authored paper critical of Fed independence, which suggested overhauling its governance to give the White House greater control to dismiss appointees.
The Washington Post: Mentions Trump’s recent firing of the Bureau of Labor Statistics head following weak jobs data and Miran’s past criticism of a strong dollar. It identifies specific contenders being considered for the permanent Fed Chair role: National Economic Council Director Kevin Hassett, former Fed governor Kevin Warsh, and current Fed governor Christopher Waller, noting that Bessent was floated but prefers to stay at Treasury.
The Wall Street Journal: States that Judy Shelton was also under consideration for the Fed Board seat. It quotes Miran’s past statement on X: “A little temporary economic weakness is a small price to pay for a permanent reduction in inflation.” It also details Miran’s co-authored paper with Daniel Katz, which argued for a congressional overhaul to give the White House greater control to dismiss Fed appointees and proposed prohibiting Fed board members from serving in the executive branch for four years after their Fed term to “short-circuiting the revolving door.”
The New York Times: Reports on Trump’s direct personal attacks on Powell, including calling him “TOO ANGRY, TOO STUPID, & TOO POLITICAL,” and mentions Trump’s visit to the Fed headquarters construction site, publicly sparring with Powell over the $2.5 billion renovation cost. It notes that Christopher J. Waller and Michelle W. Bowman, both Trump appointees, dissented on the most recent decision to hold interest rates steady, marking the first time two Board of Governors members had dissented since 1993. It also mentions Miran’s donation to Trump’s re-election campaign and his past criticism of Powell for urging Congress to “go big” on fiscal stimulus in October 2020.
Contrasting Details
Miran’s Stance on Dollar Weakening: While NBC News states Miran’s paper floated the idea of weakening the U.S. dollar, The New York Times notes that Miran backed away from such ideas (e.g., the “Mar-a-Lago Accord”) after taking his position as the top White House economic adviser.
Miran’s Views on Inflation and Interest Rates: The Wall Street Journal highlights Miran’s past criticism of the Fed’s decision to lower interest rates last year, warning that “doves” were too willing to accept inflation closer to 3% and arguing that “A little temporary economic weakness is a small price to pay for a permanent reduction in inflation.” However, CNN and The New York Times quote Miran supporting lower interest rates currently and dismissing concerns that Trump’s tariffs would stoke inflation, with The Wall Street Journalclarifying that Miran explains this shift reflects changes in the broader economic policy landscape.
The Newsie Project uses AI to summarize, compare, and contrast the reporting of the major US and world online news sources.
This is an evolving project. Tools, approaches, and output formats will change over time. The Newsie Project does not attempt to provide a definitive capsule of any news story. While the incidence of errors in these summaries is low, and I attempt to spot-check details, AI tools can hallucinate. Please click through and read the articles for details (some may be paywalled).