ANOTHER VIEW | WALL STREET JOURNAL

President Donald Trump likes to stir things up, and he's done it again with his choice of Stephen Miran to fill an open seat on the Federal Reserve Board of Governors. We can't recall when a president nominated to the Fed someone whose abiding policy conviction is to weaken the U.S. dollar.

Miran has been chairman of the White House Council of Economic Advisers in Trump's second term. He's an ardent promoter of the president's economic policies, especially tariffs.

He summed up his central argument in a widely cited November 2024 essay: "From a trade perspective, the dollar is persistently overvalued, in large part because dollar assets function as the world's reserve currency." Foreign central banks hold huge dollar reserves and most of the world's g

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