Stephen Miran, Chair of the White House’s Council of Economic Advisors (“CEA”), has been nominated to become a member of the Federal Reserve (“Fed”) Board of Governors, one of the most important and influential financial regulatory positions in the United States and the world. In considering his qualifications and suitability for this role, one should review his actions and writings. Such a review quickly and clearly reveals that not only does Miran lack the experience that is necessary to be an effective Fed Governor, but his allegiance to Trump and his radical policy views make him unfit to make fact-driven, unbiased monetary policy decisions, protect the best interests of Main Street Americans, or safeguard the safety, soundness, and stability of the banking system.

To effectively serve the American people, the role of Fed Governor requires several key attributes:

• Strong background in monetary policy, bank regulation, and central banking;
• A proven record of independent, data-driven economic decision-making;
• A commitment to the Fed’s mission and dual mandate of price stability and maximum employment; and
• A proven understanding of the need for financial stability and advocacy for policies that promote it.

Unfortunately for the American people, what we know about Miran so far suggests that he may not satisfy these qualifications. This Fact Sheet details the key questions that we recommend Senators ask him during the nomination process.

Key Topics of Interest

1. CLOSE POLITICAL TIES TO TRUMP AND THE ADMINISTRATION THAT PREVENT THE ABILITY TO THINK, ACT, AND VOTE INDEPENDENTLY SHOULD DISQUALIFY ANY FED NOMINEE.

Miran is a close ally of President Trump, a supporter of and contributor to the Trump Administration’s policy goals,  and currently serves as his chief economist and Chair of the CEA. Miran’s nomination as a Fed Governor is a clear move to install a Trump loyalist who would exert even more pressure on Fed Governors and others from inside the Fed to support the Administration’s agenda. Senators should ask Miran the following:

• Trump has repeatedly criticized the Fed and baselessly threatened to fire Chair Powell and attempted to fire Fed Governor Lisa Cook in an effort to destroy Fed independence and exert executive branch control over monetary policy decisions.
  • In fact, he even said he should nominate himself as Fed Chair. What do you think of President Trump nominating himself to be Chair of the Federal Reserve?
  • Do you support the independence of the Fed and appreciate the importance of maintaining that independence?
• You have also made public statements criticizing Powell and the decisions of the Fed to promote a political agenda. Do you plan to bring that political agenda to the Fed Board?
• You point out conflicts of interest problems at the Federal Reserve Banks, including what you view as a “revolving door” between the executive branch and the Fed. How is your nomination to the Fed any different? Doesn’t it bring the same conflicts of interest, given your loyalty to the Trump Administration? Doesn’t it also worsen the “revolving door” problem?
• President Trump has attempted to fire Governor Lisa Cook merely by alleging that she engaged in mortgage fraud. Cook has not been charged, let alone convicted, of a crime. The public has no insight into the veracity of President Trump’s claims.
  • If you are confirmed to be a Fed Governor, could a future President fire you with a mere allegation?
• The Board is entrusted with substantial confidential supervisory information for financial institutions and for individuals. Will you commit to never, under any circumstances, accessing information for individuals on the basis of their political affiliation or criticism of this Administration? Would you agree that doing so would be morally, ethically, and perhaps legally violative of your oath of office?

2. RADICAL PLANS TO RESTRUCTURE THE FED THAT WOULD ENDANGER THE ECONOMY AND DISTRACT FROM THE FED’S MISSION ARE INAPPROPRIATE FOR A FED NOMINEE.

Miran has publicly proposed sweeping structural changes to the Fed, including restructuring the Federal Open Market Committee (“FOMC”) and nationalizing the Fed’s 12 regional banks. These drastic ideas would undoubtedly destabilize the Fed and derail the necessary focus on its core mission, which would have devastating consequences for the economy and the American people. Senators should ask Miran the following:

• Do you still believe that the Fed needs a complete overhaul?
• How will you balance the necessary focus on monetary policy and other duties as a Fed Governor with your personal agenda to reshape and restructure the Fed?

3. MONETARY POLICY DECISIONS MUST PRIORITIZE THE FED’S DUAL MANDATE THROUGH FACTS AND DATA, NOT FISCAL ISSUES.

The Trump administration is prioritizing the country’s fiscal situation and ignoring expert warnings of the devastating effects of a significant increase in the national debt, resulting from the recent budget bill. Miran’s nomination to the Fed reflects that prioritization and ignores the fact that he has supported the use of extremely high tariffs, despite their inflationary effects, an approach that is directly counter to the Fed’s mandate of price stability.

Moreover, the administration has been clear about its desire to lower interest payments on the national debt through lower monetary policy rates. Furthermore, the administration has questioned the validity of government-provided data, even firing the lead official on economic data at the Bureau of Labor Statistics.

Governors of the Fed’s Board must not consider factors related to the country’s fiscal position in their monetary policy decisions. Instead, they must use only relevant macroeconomic and financial facts and data, including key data provided by other government agencies. Senators should ask Miran the following:

• Will you keep your monetary policy decision-making focused on the Fed’s dual mandate of price stability and maximum employment? Will you ignore fiscal considerations?
• Will you trust the facts and data as provided by other government agencies, and use them as-is in your monetary policy decisions?

4. WALL STREET HAS A LARGE DEREGULATORY AGENDA THAT ULTIMATELY WILL HURT MAIN STREET, AND ANY FED GOVERNOR MUST OPPOSE IT.

The largest Wall Street megabanks have a long list of reckless deregulation that the Fed is already working to implement. Combined, these deregulations will not only make it easier for banks to take higher risks without consequences, but they will also significantly increase the probability of bank failure, taxpayer bailouts, and recessions when the heightened risks lead to massive losses and contagion.

The Fed has already introduced several proposals to this end. First, the Fed is dismantling the supervisory process it uses to oversee the largest banks, making it much harder for the Fed to identify and contain risks and have banks fix them. Second, the Fed has proposed to weaken large bank capital requirements, greatly increasing the probability of bank failure and increasing the likelihood that taxpayers will pay the price. Third, the Fed is supporting the banking industry’s attack on stress testing, which will further undermine the safety and soundness of the largest banks. And there is much more to come.

Any Fed governor must be opposed to this deregulatory agenda. Making it easier for the largest, most complex banks to take risks without consequences and increasing the likelihood of bank failure is great for Wall Street profits and terrible for the livelihoods of Main Street households. We have seen the consequences of policy errors: lost jobs, lost homes, lost savings, lost retirements, and lost dreams for tens of millions of Americans. The importance of having strong banking regulations combined with effective supervisory oversight to ensure the largest banks are both financially sturdy and properly managed cannot be overstated. Senators should ask Miran the following:

• Will you prioritize the interests of Main Street over Wall Street with bank policies? What in your record suggests that you have done so?
• Will you oppose the finalization of the two outstanding proposals to dismantle supervision and weaken bank capital requirements?
• Will you oppose future proposals that will make the banking system less safe and increase financial stability risks?

5. FED GOVERNORS MUST BRING A WEALTH OF EXPERIENCE AND KNOWLEDGE IN ECONOMICS, PUBLIC POLICY, AND FINANCIAL REGULATION TO FULFILL THE RESPONSIBILITIES OF THE POSITION.

Simply put, Fed Governors are entrusted with great power and responsibility to control and protect the economy. Their work directly affects every American’s money and financial future. This is not a position that allows for learning on the job.

Miran’s professional experience is extremely limited, and his experience at the Fed or any central bank is nonexistent. He has spent most of his career on Wall Street, working as a money manager at several different companies. He had a brief role, lasting only 11 months, at the Treasury Department, where he worked on COVID-19 programs, and has served only since March 15, 2025, on the CEA. By any measure, this experience is insufficient for anyone to become a Fed Governor. It would be a disservice to the American people and the economy to expect that Miran could effectively fulfill the duties of this role.

• Why do you think you are qualified for the position of Fed Governor, given your minimal financial policy experience and complete lack of central bank experience?
• You praise diverse viewpoints and say that they “help the FOMC avoid groupthink.” However, isn’t there an enormous gap between diverse, informed views and a complete lack of experience? Therefore, wouldn’t your lack of experience be more harmful than helpful on the FOMC?

In summary, Stephen Miran has a lot of questions to answer before Senators should be comfortable with approving him to be a Fed Governor. Current evidence suggests that his appointment to the position would be a disservice and a danger to the American people, the economy, and financial stability.