Stephen Miran is the Chair of the White House Council of Economic Advisers and has been nominated by US President Donald Trump to fill the soon-to be vacant seat on the Federal Reserve Board of Governors.
This follows Governor Adriana Kulgler’s surprise resignation on Friday. She is leaving more than five month before the end of her term in January 2026.
Miran’s appointment will run until the end of the month, as announced in Thursday’s Truth Social posting. The Trump administration is still searching for an appointee to fill a permanent position.
Miran, if confirmed by the Senate will be a member voting of the Federal Open Market Committee (FOMC), the influential body that sets US interest rates.
Miran is a Harvard trained economist who has publicly supported the Trump administration’s tax and tariff policies.
Kugler appointed by Biden
Kugler, an appointee of Biden who will join the Fed at the end of September 2023 has decided to depart early in order to resume her post as an academic at Georgetown University.
Trump has a great opportunity with her early departure to influence the Central Bank, as he criticises its position on monetary policies.
According to recent reports, Trump will likely use the Fed vacancy as an opportunity for a short-term effect, as well as as a way of reshaping its leadership in the future, including possibly replacing Chair Jerome Powell when Powell’s tenure ends in 2026.
Miran’s nomination now goes to the Senate. The Senate confirmed Miran as CEA Chair earlier in this year by an extremely narrow margin of 53-46.
Miran’s vote could have an impact on FOMC until a replacement has been named and confirmed. This is especially true as the debate about interest rate policy intensifies.
Federal Reserve officials declined to make a comment about the nominee.
Trump has hinted that he may make more changes to the Central Bank as his second tenure unfolds.
The Daily Hodl published the following post: Trump nominates Stephen Miran as US Fed Board vacancy due to Kugler’s resignation.
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