{"id":54226,"date":"2025-08-08T10:08:10","date_gmt":"2025-08-08T10:08:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/54226\/"},"modified":"2025-08-08T10:08:10","modified_gmt":"2025-08-08T10:08:10","slug":"trump-to-nominate-loyalist-stephen-miran-to-the-federal-reserve-board-banks-news","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/54226\/","title":{"rendered":"Trump to nominate \u2018loyalist\u2019 Stephen Miran to the Federal Reserve board | Banks News"},"content":{"rendered":"

Miran, who currently sits on the White House\u2019s Council of Economic Advisers, has advocated for a far-reaching overhaul of Fed governance.<\/p>\n

United States President Donald Trump has said he will nominate Stephen Miran, a top economic adviser to the US Federal Reserve\u2019s board of governors, for four months, temporarily filling a vacancy while continuing his search for a longer-term appointment.<\/p>\n

The president announced his decision on Thursday.<\/p>\n

Miran, the chair of the White House\u2019s Council of Economic Advisers, would fill a seat vacated by Governor Adriana Kugler, a Biden appointee who is stepping down Friday. Kugler is returning to her tenured professorship at Georgetown University.<\/p>\n

The term expires January 31, 2026, and is subject to approval by the Senate. Trump said the White House continues to search for someone to fill the 14-year Fed board seat that opens on February 1.<\/p>\n

Miran, who served as an economic adviser in the Department of the Treasury during the first Trump administration, has advocated for a far-reaching overhaul of Fed governance that would include shortening board member terms, putting them under the clear control of the president, and ending the \u201crevolving door\u201d between the executive branch and the Fed and nationalising the Fed\u2019s 12 regional banks.<\/p>\n

The appointment is Trump\u2019s first opportunity to exert more control over the Fed, one of the few remaining federal agencies that is still independent. Trump has relentlessly criticised the current chair, Jerome Powell, for keeping short-term interest rates unchanged<\/a> \u2013 a major point of contention between the White House and the central bank.<\/p>\n

Miran has been a major defender of Trump\u2019s income tax cuts and tariff hikes, arguing that the combination will generate enough economic growth to reduce budget deficits. He has also played down the risk that Trump\u2019s tariffs will generate higher inflation, a major source of concern for Powell.<\/p>\n

Trump has unsuccessfully pressured Fed policymakers \u2013 who include Powell, his six fellow board members and the 12 Fed bank presidents \u2013\u00a0to lower rates. Appointing Miran to the central bank, even in a placeholder role, gives the president a potentially more direct route to pursue his desire for easier monetary policy.<\/p>\n

\u2018Trump loyalist\u2019<\/p>\n

It is unclear how much time Miran would have at the Fed to try to deploy his ideas, or even vote on interest rates, though.<\/p>\n

All Fed nominees require Senate confirmation, a process that includes a hearing before the Senate Banking Committee, a vote from that panel advancing the nomination and a series of floor votes before the full Senate, where Democrats have been slowing the pace of approval for Trump appointments.<\/p>\n

\u201cStephen Miran is a Trump loyalist and one of the chief architects of the President\u2019s chaotic tariff policy that has hurt Americans\u2019 wallets,\u201d the Senate Banking Committee\u2019s top-ranking Democrat, Elizabeth Warren, said on X following the announcement. \u201cI\u2019ll have tough questions for him about whether he\u2019d serve the American people or merely serve Donald Trump.\u201d<\/p>\n

The Senate is on summer recess until September 2.<\/p>\n

There are just four policy-setting meetings, including one on September 16-17, before the end of what would be Miran\u2019s term.<\/p>\n

Fed policymakers kept the policy rate in its current 4.25 percent to 4.5 percent range at their July meeting, with Powell citing somewhat elevated inflation and the concern that Trump\u2019s tariffs could keep it that way as reasons to keep policy restrictive.<\/p>\n

Several central bankers this month have raised concerns about labour market weakness, and at least a couple have expressed renewed confidence that tariffs may not push up inflation as much as earlier thought. Those views echo the arguments made by two Fed governors who last month dissented on the decision to leave policy on hold.<\/p>\n","protected":false},"excerpt":{"rendered":"Miran, who currently sits on the White House\u2019s Council of Economic Advisers, has advocated for a far-reaching overhaul…\n","protected":false},"author":2,"featured_media":54227,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[4498,45,49,48,1376,46,135,44,714,772,1690],"class_list":{"0":"post-54226","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-banks","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-donald-trump","13":"tag-economy","14":"tag-inflation","15":"tag-news","16":"tag-politics","17":"tag-united-states","18":"tag-us-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/54226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=54226"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/54226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/54227"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=54226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=54226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=54226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}