US President Donald Trump has nominated Stephen Miran, chair of the Council of Economic Advisers, to fill a temporary vacancy on the Federal Reserve’s Board of Governors. Miran is credited with creating the intellectual backbone of Trump’s tariff policy and supports lower interest rates.
Miran will serve temporarily until the Senate confirms him, which could take a couple of weeks or two months. If confirmed, he would be in line for elevation to Fed chair, following a similar path taken by former chairs Janet Yellen and Ben Bernanke. Miran’s appointment would bring another voice at the Fed supporting lower interest rates.
Miran has been a vocal advocate for using tariffs to reshape global trade and believes they have had a “massive success” for American workers. However, he also co-authored a report that criticized the Federal Reserve’s independence as outdated and called for shorter terms for governors.
The nomination comes after former President Joe Biden appointed Adriana Kugler to the Board of Governors in 2023, whose term was set to end in January. The Senate’s confirmation process will determine Miran’s long-term role on the Fed.
Source: https://edition.cnn.com/2025/08/07/business/stephen-miran-fed-trump-nominate