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President-elect Donald Trump announced on December 22 that Stephen Miran has been nominated to serve as chair of the Council of Economic Advisers (CEA).
Miran, who holds a Ph.D. in economics from Harvard University, previously served as a senior adviser at the Treasury Department during Trump’s first term. In his announcement, Trump stated on Truth Social:
“Steve will work with the rest of my Economic Team to deliver a Great Economic Boom that lifts up all Americans.”
Currently, Miran is a fellow at the Manhattan Institute and a senior strategist at Hudson Bay Capital, a global investment firm. He is also a co-founder of Amberwave Partners, an investment firm prioritizing U.S. jobs, security, and growth (JSG)—a direct contrast to the left-wing environmental, social, and governance (ESG)-focused investment strategies.
Role and Responsibilities
As chair of the CEA, Miran will advise the president on a wide range of economic issues, including taxation, regulation, tariffs, and managing the federal deficit. His expertise will be critical to executing Trump’s ambitious economic agenda aimed at fostering growth and opportunity.
The role requires Senate confirmation, but Miran is expected to face little resistance due to his extensive background in economics and policymaking.
During Trump’s first term, the CEA was chaired by Kevin Hassett, Tomas Philipson, and Tyler Goodspeed. The current chair, Jared Bernstein, took over in July 2023 following Cecilia Rouse’s departure.
CEA’s Historical Significance
Established by Congress in 1946 under the Employment Act, the CEA has played a pivotal role in advising the president on domestic and international economic matters. The agency provides objective information based on research and data, presenting policies designed to benefit American workers and ensure sound economic governance.
Over the years, several prominent economists have led the CEA, including former Federal Reserve Chair Alan Greenspan, Nobel laureate Joseph Stiglitz, Treasury Secretary Janet Yellen, former Fed Chair Ben Bernanke, and Chicago Fed President Austan Goolsbee. Reflecting on the institution’s importance, Greenspan noted in 2005:
“Economic thinking at the CEA has been marked by important continuities. Nevertheless, the evolution of thinking at the CEA over the years has reflected the economic challenges of each era as well as continuing developments in economic research.”
Key Contributions
The CEA publishes the annual Economic Report of the President, providing a comprehensive overview of the nation’s economic performance and policies. Its 18-member staff conducts research and analysis on pressing economic issues, often authoring white papers on key developments.
Earlier this year, amidst debates about Trump’s stance on the Federal Reserve, the CEA authored a report titled The Importance of Central Bank Independence, emphasizing the need for an independent monetary authority to ensure financial stability.
Miran’s leadership is expected to further shape economic policies focused on creating growth, security, and opportunity for Americans.
