Miran Tapped to Temporarily Fill Federal Reserve Spot Amid Trump’s Search for Long-Term Appointee
Stephen Miran, a prominent economic figure currently advising the White House, is poised to temporarily occupy a vacancy on the US Federal Reserve’s board of governors. This nomination was announced by President Donald Trump on Thursday and is part of a broader strategy to reshape the Federal Reserve’s governance approach in 2025.
Miran, who also chairs the White House’s Council of Economic Advisers, will take the place of Adriana Kugler, a Biden appointee stepping down to return to her position at Georgetown University. Miran’s term will run until January 31, 2026, pending Senate approval, as Trump actively seeks a candidate for the more permanent position that opens on February 1.
Having previously served as an economic adviser at the Treasury during Trump’s initial term, Miran has advocated significant reforms for the Federal Reserve. His proposals include reducing board member terms, increasing presidential oversight, eliminating the “revolving door” between the government and the Federal Reserve, and centralizing control over the Fed’s twelve regional banks.
This nomination marks Trump’s initial attempt to exert influence over the Federal Reserve, which maintains a degree of independence. The president has been vocally critical of the current chair, Jerome Powell, particularly regarding his decisions to maintain short-term interest rates—an ongoing friction between the administration and the central bank.
Championing Trump’s tax cuts and tariffs, Miran asserts that these strategies will stimulate economic growth and mitigate budget deficits, while also downplaying inflation fears associated with tariff implementations. His appointment could provide the administration with a closer ally in pursuing more accommodative monetary policies.
However, Miran’s time at the Fed may be limited. All nominees require Senate confirmation, which involves a comprehensive process, including hearings and votes, where Democrats have been known to challenge Trump’s candidates. Notably, Senate Banking Committee member Elizabeth Warren has labeled Miran a “Trump loyalist,” stating concerns about his commitment to the public versus the president.
As the Senate is on summer recess until September 2, Miran will have just a handful of crucial meetings to influence Fed policies before his term concludes. Recently, Fed officials maintained the current policy interest rate range of 4.25% to 4.5%, citing inflation concerns linked to Trump’s tariffs among other factors. As discussions within the central bank evolve, diverging opinions have emerged regarding the potential impact of these tariffs on inflation rates.