Trump faucets ex-Treasury official Miran as chair of Council of Financial Advisers

By Kanishka Singh

WASHINGTON (Reuters) -President-elect Donald Trump stated on Sunday that Stephen Miran, a Treasury Division adviser in his first administration, can be the chair of his Council of Financial Advisers.

The council advises the president on financial coverage and consists of three members, together with the chair. The council assists within the preparation of an annual report that offers an outline of the nation’s financial system, critiques federal insurance policies and packages and makes financial coverage suggestions.

Earlier this yr, Miran and economist Nouriel Roubini authored a hedge fund examine that stated the U.S. Treasury final yr successfully offered financial stimulus by moderating long-dated bond gross sales.

The examine echoed recommendations by Republican lawmakers that the Treasury intentionally elevated issuance of short-term Treasury payments to present the financial system a “sugar excessive” forward of the November elections. The Treasury denied any such technique.

Miran, a senior strategist at Hudson (NYSE:HUD) Bay Capital, has additionally argued that fears over commerce tariffs that Trump has threatened to impose after he takes workplace subsequent month are overblown.

Commerce and financial consultants have stated such duties would elevate costs and would successfully be a brand new tax on shoppers.

Final month, Trump tapped Kevin Hassett, who was a key financial adviser in his first time period, to chair his Nationwide Financial Council, which helps set home and worldwide financial coverage.

Hudson Bay Capital took a place in Trump’s social media agency Trump Media & Expertise within the first quarter of this yr.