Trump to nominate economic advisor Stephen Miran to be new Fed governor, replacing Kugler
President Donald Trump made a significant announcement on Thursday, revealing his choice for a key position on the Federal Reserve Board of Governors. Stephen Miran, the current chair of the Council of Economic Advisors, has been selected to replace Adriana Kugler, who recently resigned from her position. Miran will serve out Kugler’s term, which is set to expire on January 31, 2026.
Trump shared the news on his Truth Social platform, stating that Miran’s appointment may be temporary as they continue to search for a permanent replacement for the full 14-year term on the board. The president praised Miran’s expertise in economics and expressed confidence in his abilities to excel in this new role.
The decision to appoint Miran comes at a crucial time, as the term of current Chair Jerome Powell is set to end in May. Possible candidates for the chair position include current Governor Christopher Waller, former Governor Kevin Warsh, and National Economic Council Director Kevin Hassett.
Miran’s nomination has sparked speculation about Trump’s intentions to nominate a “shadow chair” who would challenge the status quo on the board. Trump has been vocal about his desire for lower interest rates, and Miran has been critical of the Fed’s actions during the Covid crisis. He is known for his involvement in the “Mar-A-Lago Accord,” a plan to devalue the dollar to address the national debt issue.
Before joining the Trump administration, Miran worked as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research. He played a key role in developing the Paycheck Protection Program in response to the Covid economic shutdown and has supported reciprocal tariffs and cryptocurrency.
Miran’s appointment is subject to Senate confirmation, which is expected to take place when the Senate reconvenes in September. If confirmed, Miran will become a permanent voting member of the Federal Open Market Committee, which is scheduled to meet in mid-September.
In the meantime, Miran’s role as a governor would involve financial regulation, but his primary focus may be challenging Powell’s leadership at the Fed. Trump has been critical of Powell and has considered the idea of a shadow chair to counterbalance Powell’s decisions on monetary policy.
Overall, Miran’s nomination marks a significant development in the Federal Reserve’s leadership, and his confirmation will be closely watched as the Fed navigates economic challenges in the coming months.
