On Friday, Biden appointee to the Federal Reserve Board Adriana Kugler announced she would be resigning from the Fed Board effective August 8. One day before her final day, President Donald Trump announced his appointment to complete the balance of Kugler’s term.
U.S. President Donald Trump on Thursday said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a newly vacant seat at the Federal Reserve while the White House seeks a permanent addition to the central bank’s governing board.
Miran, who has called for a complete overhaul of the Fed’s governance, would take over from Fed Governor Adriana Kugler following her surprise resignation last week, as she returns to her tenured professorship at Georgetown University.
The term expires January 31, 2026 and is subject to approval by the Senate.
Trump took to Truth Social to announce this pick.
It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. 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!
Miran has proven himself a spokesperson on tariffs and the Trump economy, pointing out that Fed Chair Jerome “Too Late” Powell is often behind the wave when it comes to Trump’s moves.
WATCH:
.@SteveMiran is dead right: President Trump has a far better track record on where interest rates should be than Chair Powell. pic.twitter.com/2jMlkuCPaY
— James Fishback (@j_fishback) August 1, 2025
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Because of this, Fed purists and financial heads range from skeptical to apathetic over this temporary appointment; the major speculation being that Miran will smooth the path for the lowering of interest rates and for Trump to gain more control over the Fed governance.
Trump said the White House continues to search for someone to serve in the 14-year Fed Board seat that opens February 1. Trump is also weighing options for a replacement of Fed Chair Jerome Powell, whose term ends May 15, 2026.
Trump has unsuccessfully pressured Fed policymakers — who include Powell, his six fellow Board members and the 12 Fed bank presidents — to lower rates. Appointing Miran to the central bank, even in a placeholder role, gives the president a potentially more direct route to pursue his desire for easier monetary policy.
Miran, in a paper published last year by the Manhattan Institute, laid out a case for increasing presidential control of the Fed Board, including by shortening their terms. He also wants to end the “revolving door” between the executive branch and the Fed, and nationalize the Fed’s 12 regional banks.
It’s unclear how much time he would have at the Fed to try to deploy his ideas, or even vote on interest rates.
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Completely unclear, but as we have seen, the legacy media will create the conspiracies that suit their chosen narrative. On the other hand, Wall Street seems to be warming up to this news.
Market is pumping on Miran news. This is the guy that wrote Trumps Tariff strategy and crafted the Mar-a lago Accord. This is bullish. @SteveMiran https://t.co/VERTIUPrB8 pic.twitter.com/gFsSSWTEdM
— MartyParty (@martypartymusic) August 7, 2025
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