Overview
Stephen Miran is the chair of Trump’s Council of Economic Advisers (CEA) and a Trump-appointed member of the Federal Reserve Board of Governors. Confirmed in September 2025, he retained his CEA role on “unpaid leave” — an arrangement critics flagged as incompatible with Fed independence. He immediately dissented at his first FOMC meeting in favor of a larger (50 bps) cut, becoming the most visible vehicle for the Trump administration’s pressure campaign on the Fed.
Key Facts
- Confirmed to the Federal Reserve Board September 2025; retained CEA chair role on unpaid leave New Trump appointee Miran calls for half-point cut
- Dissented at his first FOMC meeting calling for a 50 bps cut while the rest of the committee approved a quarter-point cut Fed 2025 Rate Plan Shaped by Trump Pressure and Miran Dissent
- The Miran appointment was the centerpiece of Trump’s strategy to bring the Fed inside executive influence after the failed attempt to fire Governor Lisa Cook
Newsletter Relevance
Monetary Policy / Power: Miran is the operational instantiation of the Trump pressure campaign on the Fed. His unpaid-leave arrangement and immediate dissent position him as the in-house dissent vehicle inside the FOMC.
Connections
- Donald Trump — appointed him; he serves as Trump’s CEA chair simultaneously
- Federal Reserve — institution he sits on as a board governor
- Jerome Powell — chair he is positioned to pressure from inside
- Lisa Cook — board member Trump tried to fire; the Miran appointment is the political follow-on
Source Appearances
- New Trump appointee Miran calls for half-point cut
- Fed 2025 Rate Plan Shaped by Trump Pressure and Miran Dissent
Open Questions
- Will Miran stay a lone dissent voice, or do other Trump-aligned governors (current or future) join him?
- Does the unpaid-leave structure survive a legal challenge to dual-role conflicts?