Trump Nominates Steve Miran as Chairman of the Council of Economic Advisers
Term to Last Until January Next Year
On August 7 (local time), U.S. President Donald Trump officially nominated Steve Miran, Chairman of the White House Council of Economic Advisers (CEA), to the position of Federal Reserve (Fed) Board Governor. With this nomination, the number of dovish (monetary easing-oriented) members among the 12 voting members on Fed interest rate decisions has increased to at least three, raising expectations that calls for a rate cut at the September meeting will gain further momentum within the central bank.
President Trump announced on his self-created social networking service, Truth Social, "It is a great honor to nominate Dr. Steve Miran, the current CEA Chairman, to the recently vacated Fed Board Governor position," adding, "He will serve as a governor until January 31, 2026."
President Trump also emphasized, "Dr. Steven earned his Ph.D. in economics from Harvard University and performed outstandingly during my first administration. He has been with me since the start of my second term, and his expertise in the global economy is second to none. He will do an excellent job."
Chairman Miran was nominated as the successor to Fed Governor Adriana Kugler, who recently resigned early. He will serve for the remainder of Kugler's term, until January 2026.
Regarding this, President Trump explained, "We will continue to search for a permanent successor for this position." The previous day, he also stated that the vacancy left by Governor Kugler would be filled with a short-term appointment, and that he plans to separately nominate a formal Fed governor for the 14-year term beginning in 2026.
Chairman Miran, who has now been nominated as a Fed governor, strongly criticized the Fed in a report released in March last year, arguing that the Fed has made policy errors due to 'groupthink' and has expanded its influence into the political sphere beyond its mandate. In November last year, he also released the "Miran Report," which proposed punitive tariffs and a weak dollar policy through exchange rate adjustments as solutions to the U.S. trade and fiscal deficits.
Meanwhile, U.S. Treasury Secretary Scott Besant said in an interview with MSNBC that the interview process to select the next Fed Chair has begun. In relation to this, Bloomberg reported that Fed Governor Christopher Waller recently met with President Trump's aides and is being strongly considered as the next Fed Chair. At last month's Federal Open Market Committee (FOMC) regular meeting, Governor Waller, along with Fed Vice Chair Michelle Bowman, voted against holding rates steady and advocated for a 0.25 percentage point rate cut. Both have long been considered leading hawks (monetary tightening-oriented) within the Fed, but have recently shifted to a dovish stance. Since President Trump's inauguration in January, Governor Waller has consistently been mentioned as a candidate for the next chair, and Vice Chair Bowman, who previously only held the governor position, was recently appointed vice chair directly by President Trump.
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