Trump Announces Nomination of Stephen Miran for Federal Reserve Board Seat, Shaping Monetary Policy Debate

The incumbent President intends to nominate Stephen Miran, currently serving as Chair of the White House Council of Economic Advisers, to fill a vacancy on the Federal Reserve’s Board of Governors. This position will become available following the early departure of Adriana Kugler, whose term ends at the close of January.

In a social media post, President Trump announced his intention to appoint Miran to fill the seat left by Kugler’s premature resignation to resume her teaching role at Georgetown University.

The President also plans to continue seeking a nominee for a new, 14-year term on the Federal Reserve board that commences early next year. These nominations are subject to Senate confirmation.

Miran previously held a position within the Treasury Department during the President’s initial term. Trump’s selection of Miran represents his first opportunity to influence the composition of the seven-member governing board at the Fed since his re-election. The President has publicly criticized Jerome Powell, the current Federal Reserve chairman, and other members for not taking more assertive actions to lower interest rates.

Powell’s term as Federal Reserve chairman concludes next May; however, his tenure on the governing board extends through 2028. As yet, Powell has not revealed whether he intends to remain on the board following his departure from the chairmanship.