CNBC's Steve Liesman joins 'Squawk on the Street' to discuss the latest news on President Trump nominating CEA chair Stephen Miran to the Federal Reserve board.

Washington

President Trump has announced the nomination of Stephen Miran, chairman of the Council of Economic Advisers, to fill a recently vacated seat on the Federal Reserve Board of Governors. Miran is recognized for his strong support of Trump's economic agenda and for his role in developing the Mar-a-Lago Accords, which advocate for a weaker US dollar, increased manufacturing, reduced trade deficits, and the use of tariffs.

Miran's appointment is set to be temporary, with a search for a permanent replacement ongoing. If confirmed, he would become the fourth Trump appointee on the seven-member board. Miran has also proposed reforms to the Federal Reserve, including shorter terms for governors and increased presidential oversight, though such changes would require congressional approval. His nomination comes amid ongoing discussions about the direction of US monetary policy and the independence of the Federal Reserve.

Trump nominates Stephen Miran to Federal Reserve board

First, though, President Trump officially announcing a new pick to fill Andreana Kugler's spot on the Federal Reserve Board of Governors. Steve Leisman's here, and he has that story for us. Steve. Hey, good morning, David. Yeah, the CEA chair, Steven Myron, has been a stalwart defender of the president's economic policies and an architect of those key policies. But the appointment by the president to the Fed to be a Fed governor sounds initially temporary. The president writing in a tweet, It is my great honor to announce that I have chosen Dr. Steven Myron, current chairman of the Council of Economic Advisers, to serve in the just-vacated seat on the Federal Reserve Board until January 31st, 2026. In the meantime, we will continue to search for a permanent replacement. Evercore ISI writing, Given his support of Trump's policies, we think Myron would likely continue to act as a Trump loyalist once on the Fed board, calling for lower rates and voting for rate cuts in FOMC meetings. More on that in a second. Myron, though, has become known as a principal author of the controversial Mar-a-Lago Accords. What do they call for? Weakening the U.S. Dollar, boosting U.S. manufacturing, reducing the trade deficit, and using tariffs. Sound familiar? Myron is an economist with a Ph.D. from Harvard and has also called for reform at the Fed, including eight-year terms instead of 14, and governors serving at the pleasure of the president. Well, Myron's appointment would make four of seven governors Trump appointees, including Waller, Bowman, and you may want to, I don't know if you want to count the Fed chair, Jay Powell, would be the fourth. How much of a difference all this makes? Well, that's the big question. Unclear to me. It would be difficult for the Senate to approve him before the September 17th meeting where markets already expect a cut and Fed futures are showing pretty much toying with the idea of three cuts this year. So may not make much of a change this year. Question is whether or not next year in the 2026, depending on if Myron is there, if it does make a big deal. Guys? Steve, that Fed reform that he's talking about, how would that even work? How likely is that as a possibility? Sorry, you asked about the accord? The reforming of the Fed, the, you know, making it perhaps less independent. Oh, the reform. It would all pretty much have to go through Congress. Somewhat complicated by a strange Supreme Court, not quite ruling, but comment when the president went to go fire one of the heads of the NLRB that the Supreme Court kind of went out of its way to say the Fed is different here. So a bunch of that would have to go through Congress. Not a lot of that is really radical, but some of the ideas are potentially radical from the Mar-a-Lago Accords, more so like taxing foreign ownership of US bonds. He also, by the way, on the Fed reform thing, wants the Fed budget to go through or approved by Congress. So some of that's a little more controversial. Last year, he was calling for tighter monetary policy, but most observers don't think he would do that now. And I guess that's the question, right? Is whether or not you have somebody who goes in there, who's more loyal to the administration at the expense of the Fed's ultimate goal or its mandate of low inflation and low unemployment. So all of that becomes a question, how he would vote. And ultimately, I guess the results would tell us if it's the right thing to do or not. Right. That does appear to be the question. Steve Leisman, thank you very much. Let's continue the conversation. Leslie, I want to make one more point. Leslie, sorry. When I said the four, there's seven board of governors and there are five presidents. So there's 12 votes in total. So just to be clear that even if the president had a majority on the board, there are still the presidents, the district presidents who could potentially offset that. I'll leave it there. Right. Right. And this just overall historic idea of having some unity there and kind of what this shift entails. Thank you, Steve Leisman.

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New York

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Moscow

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Jerusalem

Middle East Conflict

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Global Tariffs

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State of Rio de Janeiro

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Fort Stewart

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Hiroshima

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Beijing

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Kyiv

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Beirut

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Ottawa

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Breakdown