President Donald Trump announced on August 7, 2025, his intent to nominate Stephen Miran, currently the Chairman of the Council of Economic Advisers (CEA), to a temporary seat on the Federal Reserve Board of Governors. Miran is slated to serve until January 31, 2026, filling the vacancy left by the resignation of Governor Adriana Kugler. The announcement, made by the President on Truth Social, signals a move to install an ally within the independent central bank.
Miran, an economist with a Ph.D. from Harvard University, has served as a senior strategist at Hudson Bay Capital Management and co-founded Amberwave Partners. He previously advised on economic policy within the Treasury Department during Trump's first administration. His economic views, which include support for lower interest rates and a critical stance on the Federal Reserve's independence, align closely with the President's monetary policy preferences.
The nomination is seen by many as an effort by the Trump administration to exert greater influence over the Federal Reserve's interest rate decisions. Miran's past statements suggest a willingness to challenge the central bank's traditional autonomy. The Federal Reserve Board, typically composed of seven members serving 14-year terms, is tasked with conducting monetary policy, supervising banks, and maintaining financial stability, largely independent of political pressures.
The appointment is temporary, as President Trump indicated a continued search for a permanent replacement for the vacated seat. Miran's nomination requires Senate confirmation, a process that is unlikely to begin until the Senate reconvenes in September. His potential arrival on the Board could introduce a voice advocating for policies favored by the administration, particularly regarding the trajectory of interest rates.
The news of Miran's nomination was also shared by political commentator Bill Mitchell, who tweeted, > "President Trump announces Dr Stephen Miran as his replacement for the vacated Federal Reserve Board seat. Looks like a sharp guy and very pro-Trump!" Mitchell, known for his strong support of Donald Trump, highlighted Miran's alignment with the President's political stance.