Stephen Miran

Stephen Miran
Official portrait, 2025
Member of the Federal Reserve Board of Governors
Nominee
Assuming office
TBD
PresidentDonald Trump
SucceedingAdriana Kugler
32nd Chair of the Council of Economic Advisers
Incumbent
Assumed office
March 13, 2025
PresidentDonald Trump
Preceded byJared Bernstein
Personal details
Born
Stephen Ira Miran

June 1983 (age 42)
Pearl River, New York, U.S.
Education
Scientific career
FieldsEconomics
Public policy
ThesisEssays on Household Saving Behavior and Fiscal Policy (2010)
Doctoral advisorMartin Feldstein

Stephen Ira Miran (/maɪrʌn/; MY-run;[1] born June 1983) is an American economist who has served as the chair of the Council of Economic Advisers since 2025.

Miran graduated from Boston University with a 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, he served as a senior advisor for economic strategy at the United States Department of the Treasury. After Joe Biden's inauguration in January 2021, Miran returned to 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 named Miran as his nominee for chair of the Council of Economic Advisers. He was confirmed by the United States Senate in March 2025. After Federal Reserve governor Adriana Kugler announced her resignation in August, Trump named Miran as his nominee to succeed Kugler.

Early life and education (1983–2010)

Stephen Ira Miran[2] was born in June 1983[3] in Pearl River, New York.[4] Miran was the son of Dan and Jane Miran.[5] Dan and Jane were civil servants who met at the Social Security Administration.[6] Miran graduated salutatorian from Nanuet 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 a National Merit finalist.[9] He attended Boston University, initially majoring in biochemistry[7] but switching to economics and philosophy with a minor in math.[10] Miran was inducted into the College of Arts and Sciences's chapter of Phi Beta Kappa.[11] He graduated summa cum laude[10] from Boston University[12] and from Harvard University with a doctorate in economics in 2010.[13] His doctoral advisors at Harvard included David Cutler, who served in the Clinton administration,[13] and Martin Feldstein, who served as Ronald Reagan's chair of the Council of Economic Advisers from 1982 to 1984.[6]

Career

Private sector analyst and portfolio manager (2010–2020)

After graduating from Harvard, Miran worked for Lily Pond Capital Management as an analyst.[6] He worked for Fidelity 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]

Department of the Treasury and return to the private sector (2020–2025)

In April 2020, amid the COVID-19 pandemic, Miran served as a senior advisor for economic strategy at the United States Department of the Treasury.[15] His work involved influencing the CARES Act. Miran resigned after Joe Biden's inauguration in January 2021.[6] Miran co-founded a firm, Amberwave Partners,[12] with Dan Katz, whom he had met at the Department of Treasury.[6] In 2023, he left Amberwave 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.[6] He joined Hudson Bay Capital Management as a senior strategist in February 2024.[12]

Chair of the Council of Economic Advisers (2025–present)

In February 2024, Scott Bessent began supporting Donald Trump's 2024 presidential campaign. He sought out Miran to support him.[1] Miran donated US$1,000 to Never Surrender, a pro-Trump political action committee, and an additional US$1,000 to Trump 47, a joint fund-raising committee, that year.[12] On December 22, Trump named Miran as his nominee for chair 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 the International Emergency Economic Powers Act.[16] He appeared before the Senate Committee on Banking, Housing, and Urban Affairs on February 27. Miran affirmed his support for tariffs to encourage investment.[17] On March 6, the Committee on Banking, Housing, and Urban Affairs voted to advance his nomination 13–11 along party lines.[18] Miran was confirmed by the Senate on March 12.[19]

As chair of the Council of Economic Advisers, Miran developed Trump's tariff policies;[20] the Financial Times described him as an "architect" of Trump's tariffs.[21] Miran's practices defied optimistic projections and early data.[20] 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.[22]

Federal Reserve Board of Governors

On August 7, 2025, Trump named Miran as his nominee to succeed Adriana Kugler as a member of the Federal Reserve Board of Governors.[23] Miran would occupy the seat through Kugler's remaining term, set to expire in January 2026. The decision 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. The move gave Trump additional time to consider Powell's successor.[24] According to analysts from JPMorgan Chase, the yield curve could steepen if Miran is confirmed.[25] His nomination occurred amid the Senate's recess, scheduled to conclude in September.[23] According to The New York Times, while his tenure was set to conclude within months, Miran would be able to influence discussions surrounding interest rates and Powell's successor.[26]

Views

Fiscal and monetary issues

In July 2024, Miran and the economist Nouriel Roubini accused secretary of the treasury Janet Yellen of manipulating 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.[27]

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.[28] Miran criticized Jerome Powell, the chair of the Federal Reserve, for encouraging Congress to pursue a large fiscal stimulus in October 2020, amid the COVID-19 pandemic.[29]

Miran supported the permanent tax cuts instituted by the One Big Beautiful Bill Act to incentivize expanded labor supply, investments, and manufacturing capacity.[30] He praised the bill for creating jobs that would give Medicare recipients private insurance.[31]

Trade and industrial policy

Main article: Mar-a-Lago Accord

In November 2024, Miran published a report for Hudson Bay Capital Management titled "A User's Guide to Restructuring the Global Trading System".[13] The paper largely formed the basis for the Mar-a-Lago Accord, a proposed economic and trade initiative.[32] Miran advocated for a "restructuring of the global trading system". He argued that the strong dollar policy had harmed manufacturing in the United States.[33] To weaken the United States dollar, Miran proposed selling the United States's gold reserve and investing in foreign currencies.[34] Miran is a proponent of tariffs and has argued that broad levies do not cause inflation, owing to a stronger exchange rate.[35] The document received renewed attention leading up to Miran's confirmation.[1]

Miran is a critic of the economic policy of the Joe Biden administration.[36] In August 2021, he warned that the Build Back Better Act would worsen the inflation surge.[28] 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.[37]

Government affairs

In August 2025, after Trump fired the commissioner of labor statistics, Erika McEntarfer, Miran told 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.[38]

References

  1. ^ a b c Mohsin 2025a.
  2. ^ 《特朗普贸易战2.0：解读关税大棒对中港台的影响》。BBC News.
  3. ^ Stephen I Miran I in the U.S., Index to Public Records, 1994-2019.
  4. ^ a b "Musical education offers many lessons". The Journal News.
  5. ^ Woller & Naim 2004.
  6. ^ a b c d e f g Tully 2025.
  7. ^ a b "Valedictorians & salutatorians". The Journal News.
  8. ^ "School events". The Journal News (2000).
  9. ^ "School events". The Journal News (2001).
  10. ^ a b c d "Amberwave Invest USA JSG Fund". Securities and Exchange Commission, p. 17.
  11. ^ "Campus Notes". The Journal News.
  12. ^ a b c d e Friedman 2024.
  13. ^ a b c Ip 2025.
  14. ^ "Amberwave Invest USA JSG Fund". Securities and Exchange Commission, p. 16–17.
  15. ^ "Amberwave Invest USA JSG Fund". Securities and Exchange Commission, p. 16.
  16. ^ Leonard & Mohsin 2025.
  17. ^ Flatley 2025.
  18. ^ Sutton 2025.
  19. ^ McKenna 2025.
  20. ^ a b Smith & Romm 2025.
  21. ^ Jones 2025.
  22. ^ Romm 2025a.
  23. ^ a b Mohsin 2025b.
  24. ^ Omeokwe & Capurro 2025.
  25. ^ Hirai 2025.
  26. ^ Smith 2025.
  27. ^ Condon 2024.
  28. ^ a b McCarthy & Harty 2024.
  29. ^ Chávez 2025.
  30. ^ Irwin 2025a.
  31. ^ Romm 2025b.
  32. ^ McCormick 2025.
  33. ^ Scott 2025.
  34. ^ Ryan, Li & Mohsin 2025.
  35. ^ Rappeport 2025.
  36. ^ Stokols, Egan & Ukenye 2023.
  37. ^ Irwin 2025b.
  38. ^ Brown 2025.

Works cited

Articles

Documents

  • "Amberwave Invest USA JSG Fund" (Document). Securities and Exchange Commission.
  • "Stephen I Miran I in the U.S., Index to Public Records, 1994-2019" (Document). Index to Public Records.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.