Trump to nominate Stephen Miran to serve on Fed’s board until January

President Donald Trump on Thursday announced he would nominate Council of Economic Advisers Chairman Stephen Miran to fill the open governor role at the Federal Reserve until the term expires in January.

The position, which comes with a spot on the interest rate-setting Federal Open Market Committee, comes after Fed Governor Adriana Kugler resigned early. Kugler’s 14 year term did not expire until January but she was set to leave the post on Friday, saying she would return to Georgetown University as a professor this fall.

“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,” Trump wrote in a Truth Social post. “In the meantime, we will continue to search for a permanent replacement.”

Kugler, a Biden appointee, had voted recently along with the majority of the committee to keep interest rates unchanged amid uncertainty from Trump’s global tariffs and inflation that has remained above the Fed’s 2% target and ticked up slightly in recent months.

Miran would become the third Trump nominee to join the Federal Reserve, after Chair Jerome Powell and Vice Chair for Supervision Michelle Bowman. Although Trump has attacked Powell on a near-constant basis since even before returning to office in January and has urged him to lower interest rates through insult-laden social media posts, Bowman’s overall agenda as vice chair more closely aligns with the Trump administration.

Powell does not have the power to unilaterally raise or lower interest rates. Only when a majority of the 12 member rate-setting committee votes to do so are rates changed.

Miran’s views align closely with those of Trump. He has been an architect of and champion for the sweeping global tariff policy in the press and on television.

“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,” Trump said on social media.

Adriana Kugler, member of the Board of Governors of the U.S. Federal Reserve, during a Senate Banking Committee nomination hearing in 2023.Anna Rose Layden / Bloomberg via Getty Images file

Fears have been raised and markets roiled amid fears that Trump could fire chair Powell, although he does not have the power to do so except “for cause.” The administration seized on the billion-dollar renovation of the Federal Reserve headquarters in recent weeks, which some viewed as a possible way to fire Powell.

However, Powell has firmly maintained that there has been no impropriety associated with the cost overruns of the renovation project.

Bowman, a former Kansas banking regulator, was confirmed by the Senate as vice chair in June 2025. She has spent her tenure so far scaling back regulations that big banks and financial institutions have called onerous and costly. Bowman has said the previous regulatory approach was too complex and has called for changing key rules about how much capital big banks need to keep on their balance sheets in case of a financial crisis.

Both Powell and Bowman have strongly maintained that the independence of the Fed is important for the future of the institution and the smooth operation of financial markets and the nation’s economy.

“It’s very important, and I’ve said this a number of times in the past, that we maintain our independence with respect to monetary policy. I think that’s very clear,” Bowman told CNBC on June 22.

Speaking at the most recent Fed press conference, Powell said “I think that having an independent central bank has been an institutional arrangement that has served the public well. And, as long as it serves the public well, it should continue and be respected.”


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