Washington, DC [US], August 8 (ANI): US President Donald Trump on Friday nominated Stephen Miran, the current Chairman of the Council of Economic Advisors, to a recently vacated seat on the US Federal Reserve Board of Governors following the resignation of Adriana Kugler.
According to a post on Truth Social, the president stated that Miran would serve until January 31, 2026, if confirmed by the US Senate. In the meantime, the administration will continue to search for a permanent replacement.
“It is my great honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement,” the post read.
Trump praised Miran’s qualifications and past service in the field of economics, describing his expertise as “unparalleled.” “Stephen has a Ph.D. in economics from Harvard University and served with distinction in my first administration. He has been with me from the beginning of my second term, and his expertise in the world of economics is unparalleled — he will do an outstanding job. Congratulations, Stephen!” the post added.
Miran’s nomination has raised eyebrows, as the Federal Reserve is known for maintaining independence from political influence. According to CNN, Miran is the backbone of the Trump administration’s tariff strategy and is recognized as a leading architect of the president’s wide-reaching tariff policy. He has been a key figure in advancing the administration’s economic agenda since taking on the advisory role.
Miran will take the position vacated by Kugler, who resigned last week despite her term running until January 2026. She was appointed to the board by former US President Joe Biden in 2023.
If confirmed, Miran could be in line for the next chairmanship of the Federal Reserve, CNN reported. Under Federal Reserve rules, the chair must be selected from among the sitting governors on the board. However, the current chair, Jerome Powell, has been a sharp critic of the president and has not indicated whether he plans to remain on the board after his term expires in May 2026. While Powell’s tenure as a board member runs until 2028, chairs typically step down entirely after their term ends, CNN reported.
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