President Donald Trump declared on Thursday that he intended to nominate Stephen Miran, a major supporter of the government’s tariff policy, to briefly hold a seat on the Federal Reserve’s Board of Governors. Widely known for laying the groundwork for Trump’s comprehensive tariff policy, Miran now heads the Council of Economic Advisers and has continuously supported Trump’s economic efforts since she assumed her position.
Stephen Miran is replacing Adriana Kugler, named by former President Joe Biden in 2023, who has stepped down. Her tenure was meant to end in January, but last week she suddenly declared her resignation without giving any justification for her leaving. “I believe this role is rather important for the president,” Miran told CNBC on Wednesday.
If the Senate confirms him, Stephen Miran’s nomination is intended to provide yet another supporter for cheaper Fed interest rates holdup until September. Policymakers voted to keep borrowing rates for the fifth consecutive time during the Fed’s July meeting, but there were dissenting opinions from more than one Fed governor, marking the first instance of such disagreement in over thirty years.
The Senate’s speed in acting to nominate Stephen Miran to the board before the Fed policymakers convened their policy meeting on September 16-17 is unknown. If Miran is confirmed, he would perhaps be viewed for the Fed chairmanship. Like past Fed chiefs Janet Yellen and Ben Bernanke, who both ran the CEA before assuming charge of the central bank, he would be on a similar path.
The Fed’s rules call for the chair to be appointed from among the current Fed governors. Having been attacked by Trump for months, Jerome Powell has not said whether he will stay on the board after his term as chairman ends in May 2026. Powell has the choice to keep serving as a Fed governor, given that his term as a board member runs till 2028.