Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism

Sep 7, 2026 Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve’s third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed’s balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week’s episode, now with links. Recorded on August 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Stephen Miran on X: @SteveMiran Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:42 - Life as CEA Chair 00:08:40 - Reducing the Fed's Balance Sheet 00:42:23 - A Return to Monetarism? 00:54:32 - Outro