On Thursday, August 7th, United States President Trump nominated Stephen Miran, Chairman of the Council of Economic Advisers, to replace Adriana Kugler for the remaining term as a Federal Reserve board member.
The President announced on the social media platform “Truth Social” that Miran would hold the position until January 31, 2026 and that he would continue to search for a permanent successor.
“I am proud to announce that I have chosen Dr. Stephen Miran, the current Chairman of the Council of Economic Advisers, to fill the recently vacated seat on the Federal Reserve Board until January 31, 2026. During this time, we will continue to search for a permanent successor,” wrote the President.
Trump stated that Stephen Miran holds a Ph.D. in Economics from Harvard University and has shown outstanding performance in his first term in government.
“He has been working with me since the beginning of my second term, and his unparalleled expertise in the field of economics will excellently fulfill this role. Congratulations, Stephen!” the President said.
Federal Reserve board member Adriana Kugler submitted her resignation last week, leaving her with 4 more months in her term.
Trump considered Kugler’s early resignation on Tuesday (5th) as a significant “surprise.” This meant that the President needed to promptly announce a candidate to fill Kugler’s vacancy.
Each board member’s full term is 14 years. According to the normal process, the President has the authority to nominate only two board members within a four-year term. The Federal Reserve Act stipulates that the terms of the 7 board members of the Federal Reserve must be spaced two years apart, meaning if the first board member’s term started in 2010, the second board member’s term must start in 2012.
If no board member resigns early, each President can only see the terms of two board members end within a four-year term and can only nominate two board members, restricting the President’s control over the appointments and dismissals of most Federal Reserve board members, limiting the President’s influence over the Federal Reserve and monetary policy.
“I will soon announce this news,” Trump said at the time. “The remaining term (of Kugler) is only four months, you know, a very short period of time.”
Current Federal Reserve Chairman Powell has often been a target of Trump’s criticism because the President desires the Federal Reserve to cut interest rates to align with his economic policies.
Last week, the Federal Reserve voted to maintain the benchmark interest rate within the range of 4.25% to 4.5%. The market expects the Federal Reserve to approve the next rate cut in September.