US President Donald Trump has announced his nomination of Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler on the Federal Reserve Board of Governors. Miran’s appointment is seen as a temporary measure, with Trump indicating that he may nominate someone else to serve a full 14-year term.
Miran was selected due to his expertise in economics and his past criticisms of the Fed’s stimulus actions during the Covid crisis. He also authored a plan to devalue the dollar to manage the current account deficit problem.
The nomination still needs Senate confirmation, which is unlikely until September when the upper house reconvenes. Miran will serve out Kugler’s term until January 2026 and may only be in a caretaker role, potentially limiting his ability to make significant changes.
Miran’s appointment has sparked concerns about his potential impact on monetary policy, particularly with regards to interest rates. Trump has been pushing for sharply lower interest rates, and Miran is a past critic of the Fed’s stimulus actions.
As governor, Miran will be responsible for financial regulation, but his most pressing role may be as an antagonist to current Chair Jerome Powell. The two have had a contentious relationship in the past, with Trump criticizing Powell’s leadership.
Source: https://www.cnbc.com/2025/08/07/trump-to-nominate-stephen-miran-to-be-new-fed-governor-replacing-kugler-.html