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Stephen I. Miran

Official · Treasury

PPP
Type
Person
Role
Official · Treasury
Programs
PPP
Updated
  • Pandemic-program role: Political Senior Advisor in Treasury's Office of Economic Policy who supported SBA's PPP implementation and was the corresponding author of Treasury's PPP job-preservation study. He was later Trump II's CEA Chair and a Federal Reserve Governor.
  • Institution · office: Treasury · Office of Economic Policy · Type: political (Schedule C / non-career excepted-service)
  • Tenure (relief-relevant): Senior Advisor, Economic Policy, in 2020 (working-paper affiliation footnote, December 2020), under Secretary Steven Mnuchin; the April 2020 – January 2021 dates are from the Federal Reserve Board biography

The job (role mechanics)

  • Level / appointment: Non-career political appointee ("Senior Advisor"); not Senate-confirmed at Treasury.
  • Reports to: The Assistant Secretary for Economic Policy (Michael Faulkender) and, as a senior advisor on economic strategy, the Secretary of the Treasury (Steven Mnuchin).
  • Core responsibility: Advise Treasury leadership on economic strategy and the pandemic fiscal-support response, including the Paycheck Protection Program and other CARES Act economic-support programs; contribute to the Office of Economic Policy's analysis.
  • Expectations / mandate: Provide senior economic-policy counsel; the role is advisory and political, distinct from the career staff economists (e.g., Robert Jackman) in the same office.
  • Tenure norm: Serves at the pleasure of the administration (political). Actual: 2020 to January 2021 per the Federal Reserve Board biography.

Who they are

Stephen Ira Miran is an American economist. In 2025 he chaired the Council of Economic Advisers (his September 2025 Senate Banking QFR responses) and was sworn in as a member of the Federal Reserve Board of Governors (Federal Reserve release, Sept. 16, 2025). In November 2024 he wrote a Hudson Bay Capital paper on restructuring the global trading system (we have a copy). In 2020 he was a Senior Advisor in Treasury's Office of Economic Policy and the corresponding author of Treasury's PPP job-preservation study.

Education

  • Ph.D., Harvard University; B.A., Boston University (Federal Reserve Board biography).

Career before

  • Buy-side macro/markets career before Treasury (Federal Reserve Board biography).
  • 2020: Joined Treasury as Senior Advisor, Economic Policy (working-paper footnote, the April 2020 start is from the Federal Reserve Board biography).

Role in the pandemic relief programs

  • Miran is a co-author and the corresponding author of Treasury's official PPP job-preservation study: The Job-Preservation Effects of Paycheck Protection Program Loans, Office of Economic Policy Working Paper 2020-01, dated December 16, 2020. The PDF lists him as "Stephen I. Miran" with the affiliation footnote "Senior Advisor, Economic Policy, United States Treasury & corresponding author" (the footnote also gives his Treasury e-mail address).
  • The verbatim author line: "Michael Faulkender, Robert Jackman, and Stephen I. Miran." Faulkender = Assistant Secretary (political, PAS); Jackman = career Economist; Miran = Senior Advisor (political) and the paper's listed point of contact.
  • Conflict disclosure (from the paper itself): the acknowledgements state, "We disclose that Michael Faulkender and Stephen Miran contributed to Treasury's efforts to support the Small Business Administration's implementation of PPP."
  • The paper's central estimate extrapolates to ~18.6 million jobs preserved, a claim the paper itself says is "an order of magnitude larger than previous evaluations of PPP".

Documents written or signed

Career after / where they are now

  • January 2021: Left Treasury at the end of the first Trump administration (Federal Reserve Board biography).
  • Later private-sector roles, including Hudson Bay Capital Management, where the November 2024 paper lists him as Senior Strategist; Amberwave Partners and the Manhattan Institute are cited to the Federal Reserve Board biography .
  • Council of Economic Advisers (Chair): confirmed in March 2025 (congress.gov PN19); his September 2025 QFR responses to the Senate Banking Committee were answered as CEA Chair and Fed nominee, and state that if confirmed he would take an unpaid leave of absence from the CEA.
  • Federal Reserve Board of Governors: nominated Sept. 2, 2025 for an unexpired term ending Jan. 31, 2026; confirmed by the Senate Sept. 15, 2025 ; took the oath Sept. 16, 2025 (Federal Reserve release).
  • CEA resignation: CNN reported on Feb. 3, 2026 that he resigned as CEA Chair while keeping his Fed seat.
  • Fed departure: a Federal Reserve Board release of May 14, 2026 is titled "Stephen I. Miran submits his resignation as a member of the Federal Reserve Board, effective when or shortly before his successor on the Board is sworn in"; Fortune and ABA Banking Journal also reported the resignation. The Board's membership table lists him as "Resigned May 21, 2026"; Kevin Warsh took the oath as a Board member and chairman on May 22, 2026. The Warsh succession is covered in the Jerome H. Powell profile.

Sources held in this archive

Original source documents and archived captures

Sources (first-party)

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