President Donald Trump said Thursday he will nominate Stephen Miran, chair of the White House Council of Economic Advisers, to serve as a temporary member of the Federal Reserve Board, filling a vacancy created by the departure of Gov. Adriana Kugler, The Hill reported.
The move comes as the GOP-controlled Senate prepares to consider several key financial appointments and as the administration eyes a long-term shift in leadership at the central bank.
In a post on Truth Social, Trump praised Miran's economic expertise and loyalty.
"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!" the president wrote in part.
Miran serves as chair of the White House Council of Economic Advisers, a position he has held since being confirmed along party lines earlier in Trump's second term. He previously advised former Treasury Secretary Steven Mnuchin during Trump's first term.
Miran earned his doctorate in economics from Harvard University and has focused on issues central to Trump's economic agenda, including a November paper examining the link between tariffs and the value of the U.S. dollar, which gained traction among senior White House officials.
If confirmed, Miran will fill the seat vacated by Kugler, who will step down on Friday. The Federal Reserve announced Aug. 1 that Kugler submitted her resignation to Trump, effective Aug. 8. She has served as a Fed governor since September 2023 and will return to Georgetown University as a professor this fall.
Kugler's term was set to expire Jan. 31, 2026. Miran's appointment would cover the remainder of her term, allowing Trump more time to select a nominee for the full 14-year term, which is set to begin early next year. Senate confirmation will be required for the full-term appointment.
The timing of Miran's confirmation could also influence Trump's eventual choice to replace Federal Reserve Chair Jerome Powell, whose term ends in May. Powell, first appointed in 2018, has faced criticism from some conservatives over the central bank's interest rate policy and its role in broader economic matters.
Trump's nomination of a close economic ally to the Fed could strengthen his influence over monetary policy in the final stretch of Powell's leadership and set the stage for a reshaped central bank in line with the administration's priorities.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.