US president Donald Trump announced on Thursday that he will nominate top economic adviser Stephen Miran to temporarily fill a vacancy on the Federal Reserve’s Board of Governors.Miran, who currently chairs the White House’s Council of Economic Advisers, is set to replace outgoing governor Adriana Kugler, a Biden appointee stepping down on Friday. If confirmed by the senate, Miran will serve through January 31, 2026, reports AP.“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. 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!” Trump said through a post on Truth Social. The nomination of Stephen Miran could raise fresh concerns about political pressure on the Federal Reserve, an institution long valued for its independence from day-to-day politics. That independence is considered essential for making tough decisions, such as raising interest rates to control inflation, reports AP.As a Fed governor, Miran would have a vote on all interest-rate decisions and regulatory policies, and his appointment is expected to tilt the balance in favor of lowering interest rates. This is in contrast with the outgoing governor, Adriana Kugler, who aligned with Jerome Powell to advocate for holding rates steady while assessing the economic impact of tariffs.Trump has previously called on Federal Reserve policymakers, including Chair Jerome Powell, the six other Board members, and the 12 regional Fed bank presidents, to lower interest rates, reports Reuters.The Federal Reserve held its benchmark interest rate steady at 4.3 percent in a recent meeting, maintaining the level set after three rate cuts late last year. However, two Fed governors, Christopher Waller and Michelle Bowman, both appointed during Trump’s first term, dissented from the decision.“I look forward to quickly considering his nomination in the Senate Banking Committee and hearing more about his plans to increase transparency and accountability at the Federal Reserve to ensure the agency prioritizes its mandate and avoids politics,” said Tim Scott, the Senate Banking Committee chairman. The Senate is not scheduled to return until September 2, at which time lawmakers will also face the urgent task of passing a government funding bill to avoid a partial shutdown at the end of the month, reports Reuters.Trump is also reportedly considering potential candidates to succeed Federal Reserve Chair Jerome Powell, whose term concludes on May 15, 2026.“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” Trump said through a post on Truth Social last week.
