Stephen Miran has been nominated by President Donald Trump to fill a temporary vacancy on the Federal Reserve's board of governors. This appointment follows the resignation of Adriana Kugler and reflects an opportunity for Trump to influence the central bank's direction. Miran has proposed extensive reforms to Fed governance, such as reducing board member terms and increasing presidential control. He has supported Trump's economic policies, defending tax cuts and tariffs as mechanisms to promote growth and reduce deficits, while downplaying inflation risks associated with tariffs.
Miran advocates for an extensive overhaul of Fed governance, suggesting shorter board member terms, presidential control, and nationalizing the Fed's regional banks to enhance oversight and support economic growth.
Miran's appointment represents Trump's first major move to assert influence over the independent Federal Reserve, following consistent criticism of Chair Jerome Powell for maintaining short-term interest rates.
Miran, a defender of Trump's economic strategies, believes that tax cuts and tariffs will produce sufficient growth to mitigate budget deficits, despite concerns about inflation.
The nomination process requires Senate approval, as Miran temporarily fills the vacancy left by Governor Adriana Kugler's resignation, emphasizing the ongoing transition between administrations.
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