Trump Nominates Stephen Miran to Fill Fed Vacancy Temporarily Until 2026

President Donald Trump has nominated Stephen Miran, the current chair of the White House Council of Economic Advisers, to temporarily fill a vacant seat on the Federal Reserve Board of Governors [1]. The appointment is intended to last until January 31, 2026, when Miran’s term would expire. The seat became available following the unexpected resignation of former governor Adriana Kugler, who will return to her academic career at Georgetown University [2].

Miran, who previously served as an economic adviser in Trump’s first administration and worked with the Treasury Department under former Secretary Steven Mnuchin, brings extensive experience in U.S. economic policy. His nomination adds a high-ranking Trump administration official to the Fed board, potentially shaping the central bank’s policy direction. Analysts speculate that Miran may support the administration’s push for interest rate cuts, a stance that aligns with Trump’s broader economic agenda. Fed governors Chris Waller and Michelle Bowman had previously opposed the decision to hold rates steady during the last policy meeting, signaling growing internal debate [3].

Paul Ashworth, chief North America economist at Capital Economics, described the nomination as a “welcome surprise,” noting that while he may not always agree with Miran, the candidate is well-qualified and should be easily confirmed by the Senate [4]. Miran holds a Ph.D. in economics from Harvard University and has experience in both the public and private sectors, including a tenure at Hudson Bay Capital Management. His return to the Fed reflects a continued emphasis on pro-growth economic strategies within the Trump administration.

The nomination has drawn attention for its potential impact on economic policy and financial markets. Miran’s expertise in growth-focused policies could influence the central bank’s approach to inflation and economic uncertainty. However, no immediate effects on the financial markets or cryptocurrencies have been reported. The appointment also raises political questions, particularly regarding Miran’s previous support for Trump’s tariff policies. Senate Banking Committee members, including Elizabeth Warren, are expected to scrutinize Miran’s methods and independence [5].

The Federal Reserve Board is now tasked with confirming Miran’s nomination, a process that is expected to proceed swiftly due to his strong credentials and close ties to the administration. As an acting member, Miran will serve until a permanent replacement is found. His role is seen as addressing a strategic leadership gap at a time when the Fed faces ongoing challenges in managing inflation and stabilizing the broader economy [6].

Sources:

[1] Trump taps economic adviser to fill Fed vacancy temporarily. (NPR). https://www.npr.org/2025/08/07/nx-s1-5495582/trump-stephen-miran-federal-reserve-board

[2] Trump nominates CEA chair Stephen Miran to Federal ... (Yahoo). https://finance.yahoo.com/news/trump-nominates-cea-chair-stephen-miran-to-federal-reserve-board-195830557.html

[3] Trump nominates Stephen Miran to fill vacancy at the Fed. (CNN). https://www.cnn.com/2025/08/07/business/stephen-miran-fed-trump-nominate

[4] Trump to nominate 'loyalist' Stephen Miran to the Federal ... (Al). https://www.aljazeera.com/economy/2025/8/7/trump-to-nominate-loyalist-stephen-miran-to-the-federal-reserve-board

[5] Trump Nominates Stephen Miran to Temporarily Join Fed ... (The New York Times). https://www.nytimes.com/2025/08/07/us/politics/trump-federal-reserve-stephen-miran.html

[6] Trump Nominates Stephen Miran for Federal Reserve Board. (CoinMarketCap). https://coinmarketcap.com/community/articles/6895323f460ddc4edad486fa/