Key Takeaways
- Stephen Miran, a Bitcoin advocate and current CEA chair, has been nominated by Trump as a temporary Fed governor.
- Miran supports pro-crypto innovation and is critical of excessive financial regulations.
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Stephen Miran, chair of the Council of Economic Advisers (CEA), known for his pro-innovation and Bitcoin views, will temporarily join the Federal Reserve Board after President Donald Trump named him to replace Adriana Kugler, who is set to step down on Friday.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board,” Trump said.
If confirmed by the Senate, which isn’t expected to act on the nomination before reconvening in September, Miran would serve until January 31, 2026, completing the remainder of Kugler’s term.
His first major duty could be as a voting member of the September FOMC meeting, where investors expect the first rate cut since December 2024.
Miran, who was appointed to lead Trump’s Council of Economic Advisers last December, supports the president’s economic policies, including using tariffs to reduce trade deficits and boost growth.
The economist has downplayed inflation risks linked to tariffs, setting him apart from more cautious Federal Reserve officials.
“President Trump was right in 2018-2019 when he said there was no inflation and no need for higher interest rates. And eventually, Chairman Powell caught up to him. President Trump was right in 2021 when he said…inflation is going to be out of control. We need higher interest rates now. The Fed dismissed it as transitory,” Miran said in a recent interview with MSNBC.
“And eventually, Chairman Powell caught up to President Trump’s view. What we’re seeing now in real time is a repetition once again of this, where the President will end up having been proven right and the Fed will, with a lag and probably quite too late, eventually catch up to the President’s view,” he added.
On digital assets, Miran sees crypto as a potential catalyst for economic expansion, particularly under the Trump administration.
“I think that crypto has a big role potentially to play in innovation and ushering in another Trump Administration economic boom,” he previously stated.
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