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President Donald Trump has nominated Stephen Miran, chairman of the White House Council of Economic Advisers, to fill a vacant seat on the Federal Reserve Board, selecting a close ally and outspoken critic of recent Fed policy.
Miran would serve the remainder of Fed Governor Adriana Kugler’s term, which runs through Jan. 31, 2026. Trump called the appointment temporary while the White House searches for a permanent nominee.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran… to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump wrote Thursday on Truth Social, praising Miran’s economic expertise and loyalty.
“In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. 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. Congratulations Stephen!” he added.
The nomination, which requires Senate confirmation, comes amid tensions between the White House and the Fed over the direction of interest rates. Trump and his advisers have criticized the central bank for keeping borrowing costs high despite slowing inflation and signs of weakness in the labor market.
Miran, a former Treasury official and market economist, has argued that tariffs imposed under the Trump administration would only cause short-term price increases, not sustained inflation.
That view mirrors Fed Governor Christopher Waller, who has also called tariff-related inflation temporary. In an interview on Thursday, Miran said Waller has “done a really good job having an independent voice” and avoided “tariff derangement syndrome.”
Fed Chair Jerome Powell has warned of potential inflationary effects from tariffs, saying rates might already be lower if not for those concerns. Miran’s background includes experience in currency and rates trading, a skill set the Fed’s current board largely lacks.
The Senate, now in recess, will take up the nomination when lawmakers return in September. Miran was confirmed to his current role in March by a 53–46 vote, and his Fed confirmation could face similar partisan opposition.
