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What to know about Stephen Miran, the tariff proponent Trump just nominated to join the Fed’s board of governors

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Good morning.

Fortune Senior Editor-at-Large Shawn Tully filling in for Sheryl today. When Donald Trump announced yesterday that he was nominating Stephen Miran to fill a vacancy on the Fed’s board of governors, you could be forgiven for asking, Who?

The 41-year-old millennial, who has chaired the Council of Economic Advisors under Trump 2.0, is hardly a household name, even if you run in economics circles. But as I detailed at the beginning of the summer in Fortune for an in-depth profile, Miran has become Trump’s top pro-tariff ideologue.

As of this time last year, I wrote, “Miran was a virtual unknown in both political and economic circles. He’d worked in a variety of investment firms and never been an academic. He got on Trump’s radar by authoring a series of papers that matched the mindset of the ascendant, pro-tariff contingent in the Republican presidential campaign, including a now famous 41-page treatise Miran himself nicknamed ‘the Mar-a-Lago Accord’ that discussed a number of possible solutions to closing America’s yawning trade gap.”

That got him the nod as chair of the CEA, a position typically held by prestigious names plucked from top universities (Ben Bernanke, Jason Furman, Austan Goolsbee) or longtime Washington operatives (Jared Bernstein), or both. As I mentioned, “None of the dozen noted economists I interviewed for this story had ever met Miran, or heard of him before his ascension to head CEA. In a couple of cases, they fumbled his last name as ‘murr-Ann,’ as frequently do TV and podcast pundits (right pronunciation: ‘My-run’).”

As my sources told me, Miran is a rarity, a highly trained economist who knows all the jargon, has absorbed the peer studies, brings intellectual heft, and makes a logical-sounding case for Trump’s stunningly contrarian game plan. “To say the least, it’s a relatively small pool of PhD economists who are economic nationalists. That’s a blinding reality. But Steve is one,” says someone outside the administration who knows him.

You can read the whole story and hear from Miran himself, in the story here. But given that Miran, if confirmed, will be sharing the table with Trump nemesis and Fed chair Jerome Powell, one thing is for sure: CEOs, CFOs, and anyone watching the economy closely will be hearing the name Stephen Miran quite a bit this year.

Shawn Tully

Leaderboard

Some notable moves this week:

Kevin D. Cook was appointed CFO of Bumble Inc. (Nasdaq: BMBL), effective Aug. 12. Cook succeeds Ronald J. Fior, who is stepping down from his role as interim CFO and will serve in an advisory role through the end of August. Cook brings more than 30 years of financial management experience to Bumble, having served most recently as the CFO at Cloudera, Inc. He has also held roles as the SVP of finance, corporate development and investor relations at Cloudera and as the VP of strategic finance, corporate and business development at Barracuda Networks, Inc.

Costin Corneanu was named EVP and CFO of Amtrak, effective Aug. 4. Corneanu, who joined the company in 2020, has been serving as deputy CFO since January. He succeeds Tracie Winbigler, who will retire from Amtrak on Jan. 1, 2026. Until then, Winbigler will remain in her EVP role as chief transformation officer. Before joining Amtrak, Corneanu spent eight years at Spirit Airlines and four years at US Airways. 

Eric Christel was appointed EVP and CFO of Bloomin’ Brands, Inc. (Nasdaq: BLMN), parent company of brands including Outback Steakhouse. Christel joined the company on Aug. 4 for a transition period and will assume the CFO role on Sept. 8. Current CFO Michael Healy will assume the newly created role of EVP, strategy and transformation. Christel brings nearly two decades of experience, including his role as SVP and CFO of The Campbell’s Company’s Snacks Division and several leadership roles at PepsiCo. 

Michael Graham was appointed CFO of ZoomInfo (Nasdaq: GTM), a business-to-business database and intelligence platform, effective Aug. 1. O’Brien has served as interim CFO since September 2024. Before that, he held various roles at the company since December 2017, most recently as VP of FP&A since 2023. Prior to joining the company, O’Brien held accounting positions at RainKing Solutions and Kaseya. 

Jennifer Fall Jung was appointed CFO and secretary of Sportsman’s Warehouse Holdings, Inc. (Nasdaq: SPWH), effective Aug. 18. Fall Jung has over 25 years of experience, previously serving as EVP and CFO of The Duckhorn Portfolio, Inc. and CFO of Funko, Inc., a publicly traded consumer goods company. 

Big Deal

An analysis by S&P Global Market Intelligence finds that U.S. corporate bankruptcies in July reached their highest monthly total since 2020. Large public and private company bankruptcy filings rose to 71 in July, up from a revised 66 in June, marking the highest single-month figure since July 2020. Year-to-date bankruptcy filings totaled 446 through the end of July, the most for this seven-month period since 2010, according to the report. The data includes public companies with debts or assets of at least $2 million, and private companies with at least $10 million in assets or liabilities at the time of filing.

Going deeper

Here are four Fortune weekend reads:

“DoorDash is worth $100 billion thanks to dominating U.S. restaurant delivery. A much larger opportunity is starting to come into view” by Jason Del Rey

“A bright spot for Tesla shareholders: Under Elon Musk’s new $27 billion comp package, their fate is now intertwined with his” by Shawn Tully

“Palantir’s CTO became an overnight billionaire thanks to soaring stock—he’s the $411 billion AI firm’s fifth insider to join the ultra-wealthy club” by Preston Fore

“Here’s the one-page memo Warren Buffett sent to his managers every two years for over 25 years” by Jessica Coacci

Overheard

“I’m pretty particular about making sure that what goes in the recycle bin actually is in the bin. Even at our house, we have two girls, 22 and 20, and they’re pretty good about it, too.”

—Jim Fish, CEO of the Fortune 500 company WM (Waste Management), said in an interview during an episode of Fortune‘s Leadership Next podcast

This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up for free.



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JetBlue flight near Venezuela avoids midair collision with U.S. Air Force tanker

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A JetBlue flight from the small Caribbean nation of Curaçao halted its ascent to avoid colliding with a U.S. Air Force refueling tanker on Friday, and the pilot blamed the military plane for crossing his path.

“We almost had a midair collision up here,” the JetBlue pilot said, according to a recording of his conversation with air traffic control. “They passed directly in our flight path. … They don’t have their transponder turned on, it’s outrageous.”

The incident involved JetBlue Flight 1112 from Curaçao, which is just off the coast of Venezuela, en route to New York City’s JFK airport. It comes as the U.S. military has stepped up its drug interdiction activities in the Caribbean and is also seeking to increase pressure on Venezuela’s government.

“We just had traffic pass directly in front of us within 5 miles of us — maybe 2 or 3 miles — but it was an air-to air-refueler from the United States Air Force and he was at our altitude,” the pilot said. “We had to stop our climb.” The pilot said the Air Force plane then headed into Venezuelan air space.

Derek Dombrowski, a spokesman for JetBlue, said Sunday: “We have reported this incident to federal authorities and will participate in any investigation.” He added, “Our crewmembers are trained on proper procedures for various flight situations, and we appreciate our crew for promptly reporting this situation to our leadership team.”

The Pentagon referred The Associated Press to the Air Force for comment. The Air Force didn’t immediately respond to a request for comment.

The Federal Aviation Administration last month issued a warning to U.S. aircraft urging them to “exercise caution” when in Venezuelan airspace, “due to the worsening security situation and heightened military activity in or around Venezuela.”

According to the air traffic recording, the controller responded to the pilot, “It has been outrageous with the unidentified aircraft within our air.”

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Trump admits he can’t tell if the GOP will keep the House despite massive investment pledges

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President Donald Trump admitted that he’s not sure if his economic policies will pay off for Republicans at the ballot box in 2026.

In an interview with the Wall Street Journal that was published late Saturday, he pointed to massive investment pledges that he’s secured since returning to the White House.

But when asked if Republicans will lose control of the House in next year’s midterm elections, Trump replied, “I can’t tell you. I don’t know when all of this money is going to kick in,” adding that forecasts say the second quarter.

Trump has previously touted as much as $21 trillion of investments pouring into the U.S., though recent commitments don’t come close to adding up to such levels.

Still, under trade deals Trump has negotiated, the European Union has vowed $600 billion in investment, Japan $550 billion, and South Korea $350 billion. Separately, Saudi Arabia has promised $1 trillion. Companies have also announced plans to invest hundreds of billions of dollars, though some of that includes money planned during the Biden administration.

While the timing of all the money is uncertain, not to mention how much will actually be spent, companies have expressed the need to diversify supply chains with more domestic production. Apple has said its $600 billion pledge to build U.S. factories will create a “domino effect” that ignites manufacturing across the country.

At the same time, Wall Street expects Trump’s tax cuts from his One Big Beautiful Bill Act to deliver a significant jolt of fiscal stimulus to the economy next year, potentially reaccelerating GDP growth.

That would come as voters made clear in last month’s off-year elections that affordability is their top priority. Inflation has cooled from its 2022 high, but prices are up sharply from pre-pandemic levels, and consumers are revolting over higher insurance, electricity and grocery bills. Even most Trump voters say the cost of living is bad.

Trump has dismissed the affordability issue as a Democratic “hoax” and insists prices are down. He told the Journal that he will lower prices.

“I think by the time we have to talk about the election, which is in another few months, I think our prices are in good shape,” Trump said.

“I’ve created the greatest economy in history. But it may take people a while to figure all these things out,” he added. “All this money that’s pouring into our country is building things right now—car plants, AI, lots of stuff. I cannot tell you how that’s going to equate to the voter, all I can do is do my job.”

Trump has floated some ideas to appease voters on affordability, including a 50-year mortgage to lower monthly payments and $2,000 “dividend” checks. He also continues to pressure the Federal Reserve to lower rates, even though it could worsen inflation, and rolled back tariffs on some food imports.

In his interview with the Journal, Trump didn’t say if he would cut tariffs on other goods. He also warned that if the Supreme Court strikes down his global tariffs, his alternatives are not as “nimble, not as quick.”

 “I can do other things, but it’s not as fast. It’s not as good for national security,” Trump added. 



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Nicotine pouches can be a better alternative to cigarettes says CEO

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Smoking is one of the clearest public-health failures of our time. More than 500,000 Americans still die each year from smoking-related illnesses, and globally the picture is even more alarming. In the United States, anti-smoking campaigns have reduced the number of new cigarette users, but the effectiveness of these measures may be fading. Indeed, the headline of a widely-shared news story notes “Celebrities Are Making Smoking Cigarettes Cool Again”. Yikes. Meanwhile, a quick trip to Mexico, Europe, or Asia is enough to see that cigarettes remain very much in style.

Reducing cigarette use, and preventing a new generation from getting hooked on nicotine, is a noble goal. That is one reason James Monsees and Adam Bowen founded the vape company JUUL Labs, as a potentially less harmful alternative for adult smokers. But a mix of regulatory missteps by a hostile FDA and market loopholes opened the door to a wave of counterfeit and bootleg vapes, often imported from China, sold in local stores, highly addictive, and completely unregulated. Many people became sick from using vapes with unknown ingredients. Teenagers were easily able to access bootleg vapes from China in youth-friendly flavors. What began as an idealistic goal—moving adult smokers off of cigarettes—turned into a new epidemic. 

Now we have two problems: cigarettes and vapes.

I believe science and technology can solve both. I was a tobacco user who became addicted to vaping. I tried everything to quit and cut down my nicotine use. Eventually, I discovered Swedish-style white pouches. That experience led me to create Sesh+, a premium, tobacco-free nicotine pouch made with transparent ingredients. It has been life-changing for me personally: I haven’t picked up a vape since switching to pouches. In Sweden, where oral nicotine products have been widely used for decades, smoking rates are among the lowest in Europe and smoking-related disease is correspondingly lower.

There is growing evidence that nicotine itself, while addictive, is not what primarily causes smoking-related disease; it’s the toxic byproducts of combustion that kill. With vaping, the concern is different: it’s the lack of transparency and quality standards that should alarm us. As a health-conscious consumer, I want to know exactly what I’m putting into my body. That’s why our pouches are independently lab-tested for contaminants like heavy metals and are manufactured in the United States under strict quality controls. 

Fake nicotine pouches are already in the U.S. market. Sofia Hamilton writes for Reason that her favorite convenience store unknowingly sells counterfeit nicotine pouches, and how only someone deeply familiar with FDA nicotine rules could tell the difference. No one should have to be a nicotine policy expert just to know whether a product is safe.

Important questions remain. We do not want to create a product that attracts people who don’t already use nicotine. The average Sesh+ customer is over 35, and I’m very proud of that. Early data is encouraging: a recent Rutgers study found that new nicotine users taking up pouches remains very low. Government has a responsibility to keep black-market and counterfeit pouches out of consumers’ hands. Industry must ensure retailers are educated and know what they’re selling. And we need strong youth prevention laws.

Nicotine pouches will only be effective if industry and government work together to ensure we are not attracting youth or non-nicotine users.

In the U.K., the proposed Tobacco and Vapes Bill would ban people born in or after 2009 from ever purchasing nicotine products. In the United States, we have already raised the legal age to buy tobacco to 21. These are the kinds of measures our industry should support. If the legislation in the U.K. passes, I hope other countries will adopt similar policies to prevent youth from accessing nicotine products. I also hope to see product-verification technology adopted as an industry standard so counterfeit nicotine products never reach consumers. Age verification is not enough; we must ensure a market for counterfeit and bootleg nicotine pouches does not emerge.

If companies in the nicotine pouch space work together, we can learn from JUUL’s experience and avoid repeating the same mistakes. Our responsibility is clear: help adult smokers move to potentially less harmful alternatives, without creating a new generation of nicotine users. If we get this right, a world free from tobacco is not just aspirational. It’s achievable.

Max Cunningham is the CEO of Sesh+, a nicotine pouch company based in Austin, Texas and backed by 8VC. The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.



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