Trump plans to nominate Stephen Miran, a loyal supporter, to the Federal Reserve Board.

United States President Donald Trump has announced his intention to nominate Stephen Miran, a prominent economic adviser, to temporarily fill a vacancy on the Board of Governors of the Federal Reserve. This announcement, made on Thursday, marks an important development in the administration’s ongoing efforts to influence economic policy through key appointments.

Miran, who currently chairs the White House’s Council of Economic Advisers, is set to occupy the seat vacated by Governor Adriana Kugler, a Biden appointee stepping down to return to her tenured position at Georgetown University. His term is scheduled to expire on January 31, 2026, pending Senate approval. Meanwhile, Trump has indicated that the search for a more permanent replacement for the 14-year term seat that will become available on February 1 is ongoing.

Miran’s background includes service as an economic adviser within the Department of the Treasury during the first Trump administration, where he advocated for comprehensive changes to Federal Reserve governance. His proposals include reducing the terms of board members, enhancing presidential control over the Fed, and restructuring the operations of the Fed’s 12 regional banks. These recommendations aim to enhance the responsiveness and accountability of the central bank to the economic goals of the administration.

This nomination represents a pivotal opportunity for Trump to exert greater influence over the Federal Reserve, an institution recognized for its independence. Trump has frequently criticized the current chair, Jerome Powell, for maintaining short-term interest rates and has sought changes to monetary policy that could stimulate economic growth.

Miran has emerged as a principal advocate for Trump’s tax cuts and tariff strategies, asserting that these measures will promote economic expansion and ultimately reduce budget deficits. Notably, he has minimized concerns regarding potential inflation stemming from Trump’s tariff policies—a point of contention for Powell and other Fed officials.

The process for Miran’s confirmation will require approval from the Senate, a path that includes hearings before the Senate Banking Committee, as well as votes in both the committee and the full Senate, where delays in confirmation of Trump’s appointments have been noted. Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, has already stated her intention to thoroughly question Miran regarding his dedication to serving the American public versus loyalty to Trump.

As central bankers express concerns about the labor market, and with renewed faith among some that tariffs might not inflate costs as previously feared, Miran’s temporary position may offer him a platform to influence monetary policy discussions. However, with just four policy-setting meetings scheduled before the conclusion of his term, the extent of his impact remains to be seen.

The implications of this appointment could raise significant discussions surrounding the balance of independence and influence in U.S. monetary policy, a topic of great relevance as the nation navigates its economic landscape.

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