President Donald Trump has announced the nomination of Stephen Miran to fill a vacancy at the Federal Reserve’s Board of Governors.
Adriana Kugler, who was appointed to the Federal Reserve Board by President Joe Biden in 2023, announced on Friday that she was stepping down from her position as Governor on the Fed Board, and will return to Georgetown University as a Professor this fall.
If confirmed, Miran will serve out Kugler’s term, which expires January 31, 2026.
“I appreciate Dr. Kugler’s service on the Board and wish her very well in her future endeavors,” said Federal Reserve Board Chair Jerome H. Powell. “She brought impressive experience and academic insights to her work on the Board.”
Miran currently serves as Chair of the Council of Economic Advisers, an agency within the Executive Office of the President established by Congress in the 1946 Employment Act, charged with offering the President objective economic advice on the formulation of both domestic and international economic policy.
According to CNN, Miran is credited with development of which became President Trump’s tariff policy, and has been a firm supporter of Trump’s economic agenda.
“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,” said President Trump in a post on the social media outlet, Truth Social. “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!”
If confirmed by the Senate, Miran’s post would bring another voice in support of the Federal Reserve Board lowering interest rates. In late July, the Federal Reserve Open Market Committee (FOMC) decided, for its fifth consecutive meeting, to hold the federal funds rate steady at 4.25%-4.50%. However, dissenting votes came from Christopher J. Waller and Michelle Bowman, both members of the Board of Governors of the Federal Reserve System, and both of whom have publicly called for a rate reduction.
Despite President Trump’s pressure on Fed Chair Powell to lower rates, he does not have direct control over the Federal Reserve’s policy decisions, but does have influence. The President has the power to nominate and appoint members of the Federal Reserve Board of Governors, including the Chair, which can influence the overall direction of the Fed, and can also voice their opinions about monetary policy. The President selects one member of the Board of Governors to serve as Chair of the Board, who also serves as the FOMC Chair.
Miran now awaits a Senate hearing for his confirmation for the position, however it is unclear if the Senate will move swiftly enough to have Miran on the Federal Reserve Board by the time FOMC convenes its next policy meeting in mid-September.
A Harvard graduate with a PhD in Economics, Miran was formerly a senior fellow at the Manhattan Institute, and a senior strategist at Hudson Bay Capital, the global investment firm, working at the intersection of economic policy and investing. Previously, he was Senior Advisor for Economic Policy at the U.S. Department of the Treasury, where he assisted with fiscal support to the economy during the pandemic recession.
Miran’s academic work on fiscal policy has been published in the American Economic Journal, and his opinion writing on fiscal policy, monetary policy, economics, and markets has been published in the Wall Street Journal, Barron’s, Bloomberg, National Review, and several other major media outlets.
“Stephen Miran is an accomplished economist and has been instrumental in advising on economic policy and advancing a pro-growth agenda in his role as CEA Chair,” said Senate Banking Committee Chairman Tim Scott. “I look forward to quickly considering his nomination in the Senate Banking Committee and hearing more about his plans to increase transparency and accountability at the Federal Reserve to ensure the agency prioritizes its mandate and avoids politics.”
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