President Donald Trump announced Thursday that he will nominate Stephen Miran — his top economic adviser — to fill a vacant seat on the Federal Reserve‘s Board of Governors following last week’s resignation of Adriana Kugler.
Miran, who currently chairs the White House Council of Economic Advisers, is being appointed to serve the remainder of a term that expires in early 2026.
Kugler has stated her plans to return to Georgetown University as a professor this fall, according to a statement from the Fed.
“(Miran) has been with me since the beginning of my second term, and his expertise in economics is unparalleled,” Trump said in a post on Truth Social. “He will do an outstanding job.”
Miran drew attention last year after publishing a paper that advocated for aggressive use of tariffs to reshape global trade.
His nomination comes at a time when Trump has been vocal in his criticism of the Federal Reserve and Chairman Jerome Powell, pressing for interest rate cuts to stimulate the economy.
Kugler consistently voted with Powell and the Federal Open Market Committee (FOMC) majority to keep rates steady throughout this year.
Trump has reportedly faced internal pressure to remove Powell — although such a move would likely face legal challenges. Powell’s term as Fed chair expires in May 2026.
Powell’s potential successors reportedly include National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and current board members Christopher Waller and Michelle Bowman.
At the FOMC’s July meeting, Bowman and Waller dissented in favor of a rate cut — the first dual dissent on the board since 1993.
The White House has indicated it will also seek a long-term nominee once Miran’s short term concludes in early 2026.
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