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Donald Trump has tapped Stephen Miran, an economist who served in his first term, to chair his Council of Economic Advisers.
With this election, the president-elect wants to promote to the economic position in the White House not only a critic of the chairman of the Federal Reserve Jay Powell but who accuses the Biden administration of controlling the economy and “usurping” the role of the central bank.
“Steve will work with my Economic Team to deliver a Great Economic Boom that lifts up all Americans,” Trump said in a statement Sunday.
Miran was a senior economic policy adviser at the Treasury Department in the first Trump administration.
We're talking about a senior specialist at the hedge fund Hudson Bay Capital Management, he said he was honored. “I look forward to working to help implement the President's policy agenda to create a growing, sustainable economy that brings prosperity to all Americans!” sent to X.
The White House Council of Economic Advisers is a three-person group that advises the president on economic policy.
Trump has threatened US trading partners, vowing to impose tariffs, including 25 percent tariffs on goods from Mexico and Canada and 10 percent on imports from China, on his first day in office.
On the campaign trail, Trump vowed to impose 20 percent tariffs on all US imports, and 60 percent tariffs on those from China, indicating that his second-term policies could further protect and disrupt the global economy. markets than his first.
The president-elect also promised to renew the tax cuts he enacted during his first term in the White House.
Earlier this year, Miran co-authored a paper indicting Biden's Treasury Department. managing the economy during electionsarguing that the government's reliance on short-term debt amounted to “stealth quantitative easing” and hindered the Fed's ability to fight inflation.
“By adjusting the maturity profile of debt issuance, the Treasury manages financial conditions dynamically and, through them, the economy, robbing the main functions of the Federal Reserve”, he wrote with Economist Nouriel Roubini.
“We call this novel tool 'Active Treasury Release,' or ATI. By managing investors' interest rate risk, ATI works in ways similar to the Fed's rate-limiting programs.
In FT Alphaville last year, Miran wrote a warning about the group the risks of the two-tier bond marketwhich could “undermine the Treasury's ability to act as a risk-free collateral that supports the global financial system” and bring the US into the chaos of a failing emerging economy.
Miran also hit out at Powell for urging a strong fiscal and monetary stimulus in October 2020, about a month before this year's election, to help the economy recover amid the Covid-19 pandemic.
“Powell was politically and economically wrong when he urged Congress to 'go big' on stimulus in October 2020, on the eve of the Presidential election, suggesting that voters would favor the Democrats' $3 trillion proposals over the Republicans' $500 billion”, he wrote. Miran. at X in September. We know what happened after that.
Miran must be confirmed by the US Senate.
Last month, Trump named Kevin Hassett as chairman of the National Economic Council.