President Donald Trump on Thursday announced he has selected Stephen Miran, chair of the Council of Economic Advisors, to a pivotal seat on the Federal Reserve Board of Governors, replacing Adriana Kugler, who resigned Friday.The nominee will serve out Kugler’s term, which expires Jan. 31, 2026.”In the meantime, we will continue to search for a permanent replacement,” Trump said in a Truth Social post, indicating that the nominee for the full 14-year term on the board could be someone else and Miran may just be in a caretaker role.Stephen Miran, chairman of the Council of Economic Advisers, following a television interview outside the White House in Washington, DC, US, on Tuesday, June 17, 2025. Aaron Schwartz | Bloomberg | Getty Images”He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” Trump added. “Congratulations Stephen!”In addition to the Kugler vacancy, which officially takes effect Friday, current Chair Jerome Powell’s term expires in May. Likely candidates for that position include current Governor Christopher Waller as well as former Governor Kevin Warsh and National Economic Council Director Kevin Hassett.Miran’s appointment comes amid continuing speculation that Trump would seek to nominate a “shadow chair” whose job it would be mainly to act as a gadfly on the board. Trump said Wednesday that the nominee for the Kugler seat would be temporary rather than a permanent replacement for Powell.The president has been pushing for sharply lower interest rates. Miran is a past critic of the Fed, specifically its aggressive stimulus actions during the Covid crisis.In …
