Brilliant and the Loyalist: The Fed Seat That Reveals Everything
A historic Latina economist was pushed out under pressure. Now Trump’s economic advisor is heading in with power, secrecy, and a direct line to the Oval Office.
On September 10th, the Senate Banking Committee voted along party lines to advance Stephen Miran, President Trump’s chief economic adviser, to a seat on the Federal Reserve Board of Governors. The vote was 13–11, with all Republicans in favor and all Democrats opposed.
It’s a short-term appointment — the seat expires January 31, 2026 — but the consequences are anything but temporary.
To understand the stakes, you need to know two things: why this seat is vacant and who is being installed to fill it.
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A Seat Made Vacant by Relentless Pressure
Until this summer, the seat was held by Dr. Adriana Kugler, the first Latina ever to serve on the Federal Reserve Board. Appointed by President Biden and confirmed in 2023, Kugler brought decades of economic experience, a Ph.D. from UC Berkeley, a tenure at Georgetown, and a career devoted to labor economics, international development, and public service, including as Chief Economist at the Department of Labor.
She was, by every possible metric, overqualified.
But qualifications weren’t enough. From the moment she arrived, right-wing media and GOP lawmakers targeted her, not for malfeasance, but for her politics, her identity, and her policy priorities. She was accused of being “too progressive,” too focused on “inclusive economics,” too unaligned with the Trumpian vision of top-down monetary control.
She resigned in July 2025, citing a desire to return to academia. But let’s be honest: she was pushed, perhaps not through formal dismissal, but through a climate of constant political attack, a hostile environment, cultivated and sustained, until her continued service became untenable.
“Brilliant and the Loyalist”
Enter Stephen Miran.
Miran is currently serving as Chair of Trump’s Council of Economic Advisers. Before that, he worked at the Treasury Department under Trump and in investment strategy in the private sector. He holds a Ph.D. from Harvard, so yes, he is technically qualified. However, his central qualification for this role is not his academic work or experience in central banking, both of which are minimal. It’s his loyalty to Trump.
The contrast is stark:
Kugler: Academic heavyweight, global economist, respected across institutions.
Miran: Bare-minimum credentialed, politically embedded, carrying water for Trump’s policy vision, including rate cuts and White House influence over Fed decisions.
This isn’t about whether Miran is “smart.” He clearly is. However, he didn’t rise to this nomination by merit. He rose by loyalty. This is not a story of expertise replacing expertise; this is the classic story:
Tale as old as time: Brilliant and the Loyalist.
The Hypocrisy is the Point
And here’s where the story gets infuriating.
Miran admitted in his ethics filings that a property he previously designated as his primary residence is now being rented out, a potential red flag for mortgage fraud, depending on how the loan was structured.
“I disclosed it,” he says. And indeed, he did — after the fact.
Meanwhile, Dr. Lisa Cook, another Biden-appointed Fed Governor, is under criminal investigation by the DOJ for allegedly doing the same thing — listing multiple properties as primary residences on mortgage applications. She denies wrongdoing. Her legal team argues any discrepancies were clerical or based on unclear documentation.
See our reporting on Lisa Cook here:
There is no proof she intended to deceive. She is still under investigation.
Miran? He essentially says: Yeah, I did that — but I told you I did it.
As if that absolves the action. Admitting it, correcting it, and being transparent about it doesn’t mean you didn’t lie. It just means you disclosed the lie before someone else caught it.
Lisa Cook is being criminalized for what might have been a paperwork error. Stephen Miran is being rewarded for admitting to the same conduct.
The difference? One is a Black woman with progressive credentials. The other is a white man loyal to Trump.
Spy. Puppet-Master. Gossip.
This nomination isn’t just about hypocrisy. It is also a hostile takeover.
Miran isn’t resigning from the White House. He’s merely taking unpaid leave, which means, if confirmed, he will simultaneously function as Trump’s economic strategist and a voting member of the Fed.
Let that sink in.
A White House official, embedded inside the institution that is supposed to be independent from the White House.
He will attend confidential meetings. He will hear dissent. He will gain access to non-public forecasts, internal debates, and market-sensitive information.
And then? He will carry that information — Fed secrets — straight back to the White House.
He is the spy. He is the puppet-master. And he is the gossip.
The presence of a loyalist in the room doesn’t just influence decisions. It chills them. Why would Jerome Powell, Lisa Cook, or any other member speak freely, knowing their words could end up in a Trump campaign memo, or worse, used as justification for their removal?
This isn’t theoretical. Trump has already threatened to fire Powell and discredit current Fed governors. This is how it begins: not with tanks or coups, but with quiet appointments, blurred lines, and friendly faces in dangerous places.
What Can Be Done
The Senate Banking Committee has advanced Miran’s nomination. The next step is a full Senate vote, reportedly scheduled for Monday, September 16th, just before the Fed’s next FOMC meeting.
There is still time — barely.
Confirmation requires a simple majority. With Republicans holding a 51–49 edge, just two defections could block this nomination.
Two senators.
That’s the margin between a politicized Fed and a protected one, between independence and infiltration.
So yes, it comes down to the usual suspects:
Mitt Romney — who once spoke up for institutional integrity
Lisa Murkowski — who talks a good game about norms
Susan Collins — who always seems “concerned,” right up until she votes the party line
All we need is for two of them to remember the job isn’t to protect Trump, but to protect the country.
And if that’s too much to ask? Then, at the very least, delay. Slow it down. Keep him out of the room when the Fed sets policy next week. Buy the institution time to breathe.
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Sources:
“Senate Committee Approves Trump's Fed Board Nominee, Raising Concerns about Its Independence.” AP News, September 10, 2025.
“Fed Nominee Miran's Senate Confirmation Vote Set for Monday.” Reuters, September 11, 2025.
“Fed Nominee Miran Queried by Senator Warren about Discrepancy in Ethics Filings.” Reuters, September 9, 2025.
“Fed Nominee Miran Notes Primary Residence Now Used as Rental Property.” Reuters, September 8, 2025.
“Trump Fed Choice Won't Pledge to Resign If Term Extends Past January.” The Washington Post, September 9, 2025.
“Lisa Cook Mortgage Questions Raise Legal, Political Stakes.” The Washington Post, September 9, 2025.
“U.S. Justice Department Opens Criminal Mortgage Fraud Probe into Fed Governor Cook.” Reuters, September 4, 2025.
“Senate Banking Advances Miran Nomination for Fed.” Roll Call, September 10, 2025.
“Senate Republicans Face a Surprise New Fed Dilemma.” Politico, September 4, 2025.
“Court Rules Georgia Native Lisa Cook Can Remain a Fed Governor While Fighting Trump’s Attempt to Fire Her.” WABE, September 6, 2025.
For the life of me, I do not understand the complacenc and apathy about what Trump is really up to with our financial system. He will:
1) Try to lower interest rates to zero which will benefit borrowers at the expense of savers. This will also create hyperinflation wiping out retirees and others on a fixed income. It will also allow all dollar denominated debt, both public and private, to be paid back in near worthless dollars.
2) Cause an overheating economy to crash the public stock markets which will cause a severe recession or worse. Of course, Trump and his cronies will then step in to pick up the pieces at a huge discount.
3) Encourage the movement of savings and investments by the public into cryptocurrency and unregulated private equity as the dollar is devalued and debased.
The difference in this eventuality and prior economic disasters is that the federal government will have no desire to step in to help anyone except the morbidly wealthy - end of story.
What will cure it is if Trump will keep his little hands out of the Fed's business. Lowering interest rates will not support the dollar, but do the opposite. He thinks it would be a great idea as it would help our big exporters. However, this assumes that we're going to do a 180 and become a big producer in the world rather than consumer. So, in essence, he wants to send us backward a hundred and fifty years into the gilded age.