NextFin news, Stephen Miran, a former economic adviser to President Donald Trump, was sworn in as a governor of the U.S. Federal Reserve Board of Governors on Tuesday, September 16, 2025, in Washington, D.C. His appointment followed a narrow Senate confirmation vote of 48-47 on September 15, 2025, filling the vacancy left by Adriana Kugler's unexpected resignation.
At the Federal Reserve's Federal Open Market Committee (FOMC) meeting on Wednesday, September 17, 2025, Miran cast the sole dissenting vote, advocating for a half-percentage-point interest rate cut, in contrast to the committee's decision to lower rates by a quarter-point. The Fed's key interest rate was reduced from approximately 4.3% to 4.1%, marking the first cut of 2025, with projections for two additional cuts before year-end.
Miran's dissent was notable as it was his first FOMC meeting since his appointment. Federal Reserve Chair Jerome Powell stated there was limited support among officials for a larger cut. Miran's vote aligns with his known stance favoring lower interest rates, consistent with former President Trump's push for more aggressive rate reductions.
Stephen Miran holds a BA in economics, philosophy, and mathematics from Boston University and a PhD in economics from Harvard University. Before joining the Fed, he served as chair of the Council of Economic Advisers under Trump, senior strategist at Hudson Bay Capital Management, senior fellow at the Manhattan Institute for Policy Research, and senior advisor on economic policy at the U.S. Treasury Department from 2020 to 2021.
The appointment and Miran's dissent have drawn mixed reactions. U.S. Senator Tim Scott (R-SC) praised Miran's experience and leadership, expressing confidence in his independent judgment and commitment to economic growth. Conversely, Senator Elizabeth Warren (D-Mass.) criticized Miran on social media, accusing him of advancing Trump's agenda within the Fed.
Economists have noted that Miran's dissent was likely symbolic, intended to signal his alignment with Trump's economic policies. Economist Justin Wolfers remarked that dissenting in a first meeting is unusual and suggested Miran's vote was meant to demonstrate his loyalty to Trump. Meanwhile, former Council of Economic Advisers Chair Jason Furman emphasized the importance of independent thought within the Fed and welcomed the absence of a partisan dissent pattern among other Trump appointees.
The Federal Reserve's decision to cut rates comes amid concerns about a slowing labor market and elevated inflation, which rose 2.9% year-over-year in August 2025, above the Fed's 2% target. Chair Powell highlighted increased downside risks to employment and indicated that the Fed is balancing inflation control with supporting economic growth.
President Trump has publicly urged the Fed to implement more substantial rate cuts, advocating for a three-percentage-point reduction. However, Powell reaffirmed the Fed's commitment to independence, stating the institution continues to operate as it always has, despite political pressures.
Miran's term on the Federal Reserve Board of Governors will run through January 31, 2026. His appointment and early actions at the Fed mark a significant development in the central bank's policy direction and its interaction with political influences.
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