WASHINGTON – President Donald Trump on Thursday announced his nomination of Stephen Miran, the chairman of the White House’s Council of Economic Advisers, to a temporary position on the Federal Reserve’s board of governors. The appointment, which is subject to Senate approval, is for a four-month term, filling a seat vacated by Governor Adriana Kugler, a Biden appointee who is stepping down on Friday. If confirmed, Miran will serve on the board until January 31, 2026.
This is the President’s first chance to influence the composition of the Fed, one of the few remaining independent federal agencies. Trump has been a vocal critic of current Fed Chair Jerome Powell, repeatedly attacking him on social media for not lowering short-term interest rates. Powell and his fellow board members have kept the key rate unchanged, citing the need to evaluate the economic impact of Trump’s sweeping tariffs on inflation and the broader economy.
Miran, a staunch defender of the President’s economic policies, has consistently argued that Trump’s income tax cuts and tariffs will stimulate enough economic growth to reduce budget deficits. He has also downplayed the risk that these tariffs will lead to higher inflation, a major point of concern for Powell and other Fed officials. In an MSNBC interview last week, Miran criticized Powell for not cutting benchmark interest rates, stating that Trump would be proven right on inflation once again.
The appointment has raised concerns about political influence over the Fed, an institution traditionally insulated from day-to-day politics to ensure it can make objective decisions to combat inflation. Miran’s nomination, if approved, would add a vote in favor of lower interest rates to the 12-member Federal Open Market Committee, which sets monetary policy.
Kugler, who is returning to her professorship at Georgetown University, had previously echoed Powell’s view that the Fed should remain cautious and keep rates unchanged. Miran’s appointment to fill the remainder of her term, which ends on January 31, 2026, is seen by analysts as a strategic move by Trump to influence monetary policy. The President has stated his intention to appoint a Fed chair who will cut interest rates to boost the housing market and reduce the cost of servicing the national debt.
While Miran’s term is temporary, he could be renominated for a longer term or replaced by another nominee once the initial appointment concludes. The President’s search for a longer-term appointment to the Fed board and a replacement for Powell, whose term as chair ends in May 2026, is ongoing.