Stephen Miran | |
|---|---|
_(cropped).jpg) Official portrait, 2025 | |
| Member of theFederal Reserve Board of Governors | |
| Assumed office September 16, 2025 | |
| President | Donald Trump |
| Preceded by | Adriana Kugler |
| 32ndChair of the Council of Economic Advisers | |
| Assumed office March 13, 2025 On leave: September 16, 2025 – present[a] | |
| President | Donald Trump |
| Preceded by | Jared Bernstein |
| Personal details | |
| Born | Stephen Ira Miran June 1983 (age 42) Pearl River, New York, U.S. |
| Education | |
| Scientific career | |
| Fields | Economics Public policy |
| Thesis | Essays on Household Saving Behavior and Fiscal Policy (2010) |
| Doctoral advisor | Martin Feldstein |
Stephen Ira Miran (/maɪrʌn/;MY-run;[1] born June 1983) is an American economist who has served as a member of theFederal Reserve Board of Governors since September 2025. He has also served as thechair of the Council of Economic Advisers since January 2025, though he placed himself on leave in September.
Miran graduated fromBoston University with abachelor's degree in economics and philosophy and fromHarvard University with a doctorate in economics in 2010. After graduating from Harvard, he worked for Lily Pond Capital Management as an analyst, later joiningFidelity Investments and Sovarnum Capital. Miran became the head of macroeconomic strategy at Sovarnum in 2015. In April 2020, amid theCOVID-19 pandemic, he served as a senior advisor for economic strategy at theUnited States Department of the Treasury. AfterJoe Biden'sinauguration in January 2021, Miran returned to the private sector, co-founding Amberwave Partners. Miran joinedHudson Bay Capital Management as a senior strategist in February 2024.
In December 2024, PresidentDonald Trump named Miran as his nominee for chair of the Council of Economic Advisers. He was confirmed by theUnited States Senate in March 2025. Miran developed theTrump administration'stariff policy, opining that import taxes are not inflationary. AfterFederal Reserve governorAdriana 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.
Stephen Ira Miran[2] was born in June 1983[3] inPearl River, New York.[4] Miran was born to Jewish parents Dan and Jane Miran.[5] Dan and Jane were civil servants who met at theSocial Security Administration.[6] Miran graduatedsalutatorian fromNanuet Senior High School in May 2001.[7] In high school, he conducted[4] and was named to the area music festival as a senior.[8] Miran was aNational Merit finalist.[9] He attendedBoston University, initially majoring in biochemistry[7] but switching to economics and philosophy with a minor in math.[10] Miran was inducted into theCollege of Arts and Sciences's chapter ofPhi Beta Kappa.[11] He graduatedsumma cum laude[10] from Boston University[12] and fromHarvard University with a doctorate in economics in 2010.[13] His doctoral advisors at Harvard included David Cutler, who served in theClinton administration,[13] and Martin Feldstein, who served asRonald Reagan'schair of the Council of Economic Advisers from 1982 to 1984.[6]
After graduating from Harvard, Miran worked for Lily Pond Capital Management as an analyst.[6] He worked forFidelity Investments two years later and joined Sovarnum Capital as a portfolio manager in November 2014.[14] In 2015,[6] Miran became the head of macroeconomic strategy at Sovarnum.[10] He resigned in March 2020.[10]
In April 2020, amid theCOVID-19 pandemic, Miran served as a senior advisor for economic strategy at theUnited States Department of the Treasury.[15] His work involved influencing theCARES Act. Miran resigned afterJoe Biden'sinauguration in January 2021.[6] Miran co-founded a firm, Amberwave Partners,[12] withDan Katz, whom he had met at the Department of Treasury.[6] In 2023, he left Amberwave—which later shut down[16]—to join theManhattan Institute. Miran contributed articles to the Manhattan Institute'sCity Journal,The Wall Street Journal,Barron's, and theFinancial Times.[6] He joinedHudson Bay Capital Management as a senior strategist in February 2024.[12]
In February 2024,Scott Bessent began supportingDonald Trump's2024 presidential campaign. He sought out Miran to support him.[1] Miran donatedUS$1,000 to Never Surrender, a pro-Trumppolitical action committee, and an additionalUS$1,000 to Trump 47, a joint fund-raising committee, that year.[12] On December 22, Trump named Miran as his nominee forchair of the Council of Economic Advisers.[12] In January 2025,Bloomberg News reported that Miran was among several Trump advisors studying gradual tariff hikes using theInternational Emergency Economic Powers Act.[17] He appeared before theSenate Committee on Banking, Housing, and Urban Affairs on February 27. Miran affirmed his support for tariffs to encourage investment.[18] On March 6, the Committee on Banking, Housing, and Urban Affairs voted to advance his nomination 13–11 along party lines.[19] Miran was confirmed by theSenate on March 12.[20]
As chair of theCouncil of Economic Advisers, Miran developed Trump'stariff policies;[21] theFinancial Times described him as an "architect" of Trump's tariffs.[22] Miran's practices defied optimistic projections and early data.[21] In response to concerns that the Council of Economic Advisers'sgross domestic product estimation of theOne Big Beautiful Bill Act was relatively high, Miran stated that other models had been inaccurate in the past.[23]
On August 7, 2025, Trump named Miran as his nominee to succeedAdriana Kugler as a member of theFederal Reserve Board of Governors.[24] Miran will occupy the seat through Kugler's remaining term, set to expire in January 2026. The decision occurred as Trump had stated his intention to replaceJerome Powell, thechair of the Federal Reserve; Trump signaled that he would seek a "permanent replacement" who could succeed Powell.[25] Miran's nomination occurred amid the Senate's recess.[24] According toThe New York Times, while his tenure will conclude within months, Miran would be able to influence discussions surrounding interest rates and Powell's successor.[26]
After Trump attempted to fire Federal Reserve Board of Governors memberLisa Cook, he privately suggested nominating Miran to replace Cook.[27] Miran appeared before theSenate 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.[28] The unprecedented arrangement elicited concerns of violatingcentral bank independence.[21]
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.[29] On September 15, he was confirmed by theSenate in a 48–47 vote[30] along party lines, with the exception ofAlaska senatorLisa Murkowski, aRepublican who voted against Miran. He is the first member of the Federal Reserve to concurrently serve within the federal executive branch since the 1930s.[31] Miran was sworn in the following day, as the Federal Reserve began a two-day meeting.[32]
Miran voted in favor of a half-point reduction to interest rates at his first Federal Reserve meeting in September.[33]
In July 2024, Miran and the economistNouriel Roubini accused secretary of the treasuryJanet Yellen of manipulatingTreasury securities to lower borrowing costs, particularly by relying on short-dated bills and allegedly causing the equivalent of a percentage point reduction in thefederal funds rate. Yellen rejected the paper's claim in an interview withBloomberg News.[34]
In March 2024, Miran and Dan Katz called for reforms to theFederal 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.[35] Miran criticizedJerome Powell, thechair of the Federal Reserve, for encouragingCongress to pursue a large fiscal stimulus in October 2020, amid theCOVID-19 pandemic.[36] As governor, Miran has rejected concerns that he has acted on behalf of presidentDonald Trump in interest rate votes.[37]
Miran supported the permanent tax cuts instituted by theOne Big Beautiful Bill Act to incentivize expandedlabor supply, investments, and manufacturing capacity.[38] He praised the bill for creating jobs that would provide private insurance for currentMedicaid recipients.[39]
Miran is a proponent of tariffs and has argued that broad levies do not causeinflation, owing to a strongerexchange rate.[40] He praised formerMassachusetts governorMitt Romney for threatening to impose tariffs on China;[16] similar promises made by Trump in his2016 presidential campaign led him to support the businessman.[16] In November 2024, Miran published a report forHudson Bay Capital Management titled "A User's Guide to Restructuring the Global Trading System".[13] The paper largely formed the basis for theMar-a-Lago Accord, a proposed economic and trade initiative.[41] Miran advocated for a "restructuring of the global trading system". He argued that thestrong dollar policy had harmed manufacturing in the United States.[42] To weaken theUnited States dollar, Miran proposed selling the United States'sgold reserve and investing in foreign currencies.[43] The document received renewed attention leading up to Miran's confirmation.[1]
Miran is a critic of theeconomic policy of the Joe Biden administration.[44] In August 2021, he warned that theBuild Back Better Act would worsen theinflation surge.[35] Miran detailed his criticisms in aManhattan 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.[45]
In 2024, Miran condemned the "revolving door between the executive branch and the [Federal Reserve]" in an article for theManhattan Institute.[46] In August 2025, after Trump fired thecommissioner of labor statistics,Erika McEntarfer, Miran toldAxios that theBureau of Labor Statistics needed reform, though he did not explicitly concur with Trump's claim that McEntarfer had manipulated statistics to politically bolsterJoe Biden.[47]
| Political offices | ||
|---|---|---|
| Preceded by | Chair of theCouncil of Economic Advisers 2025–present | Incumbent |
| Government offices | ||
| Preceded by | Member of theFederal Reserve Board of Governors 2025–present | Incumbent |
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* indicates acting officeholders | ||
