Trump Picks Economic Adviser Stephen Miran for Fed Seat/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ President Donald Trump will nominate top economic adviser Stephen Miran to fill a Federal Reserve Board seat through January 2026, replacing Adriana Kugler. Miran is expected to support Trump’s push for lower interest rates, in contrast to current Fed Chair Jerome Powell’s cautious approach. The move gives Trump his first chance to shape the central bank’s direction during his second term.
Trump Nominates Stephen Miran to Fed: Quick Looks
- Stephen Miran, Trump’s top economic adviser, tapped for Fed board seat
- Temporary appointment runs until January 31, 2026
- Replaces outgoing Biden appointee Adriana Kugler
- Miran backs Trump’s tax cuts, tariffs, and lower rates
- Nomination could shift Fed toward rate-cutting stance
- Fed Chair Powell criticized by Trump for holding rates steady
- Powell’s term as chair ends May 2026 but could stay as governor until 2028
- Miran could be renominated for a longer term after this appointment
- Possible successors to Powell include Kevin Warsh, Kevin Hassett, and Christopher Waller
- Miran has advocated for dollar devaluation and governance reforms
Trump Picks Economic Adviser Stephen Miran for Fed Seat
Deep Look
WASHINGTON — President Donald Trump announced Thursday that he will nominate Stephen Miran, the chair of the White House Council of Economic Advisers, to serve on the Federal Reserve Board of Governors for a four-month term. If confirmed by the Senate, Miran will fill the seat vacated by Adriana Kugler, a Biden-era appointee stepping down Friday, and serve until January 31, 2026.
This is Trump’s first opportunity in his second term to influence the Federal Reserve, a body that has largely resisted his calls for more aggressive interest rate cuts.
A Supporter of Trump’s Economic Agenda
Miran has been one of Trump’s staunchest defenders on economic policy, championing both the president’s 2017 tax cuts and his sweeping tariff hikes. He argues that these measures can stimulate growth without sparking runaway inflation — a view at odds with Fed Chair Jerome Powell, who has maintained interest rates at 4.3% to monitor inflationary risks.
Trump has repeatedly attacked Powell, calling him “a stubborn MORON” on social media last week for not lowering borrowing costs.
Potential Impact on Fed Policy
The Federal Reserve Board helps set short-term interest rates and oversees U.S. banking regulations. Kugler had supported Powell’s cautious approach, preferring to study the effects of tariffs before adjusting rates. Miran’s confirmation would add a likely pro-rate-cut voice to the board, aligning with Trump’s goal of easing borrowing costs for homeowners, car buyers, and the federal government’s $36 trillion debt.
Still, even with Miran, 12 Fed officials vote on interest rate policy, and many remain concerned that Trump’s tariffs could fuel price pressures in the months ahead.
Short-Term Role, Long-Term Possibilities
Miran’s appointment is temporary, but Trump could renominate him for a full 14-year term or replace him with another ally once the term ends.
The president is already eyeing Powell’s chairmanship, which expires in May 2026. While Powell could stay on as a board member until 2028, Trump may prefer to install a loyalist in the role. Leading candidates include:
- Kevin Warsh — former Fed governor (2006–2011) and Powell critic
- Kevin Hassett — former Trump economic adviser
- Christopher Waller — current Fed governor and frequent dissenter, already aligned with Trump’s policies
Miran’s Policy Views and Proposals
In addition to defending Trump’s tariffs, Miran has supported unconventional ideas for reshaping U.S. economic policy:
- Dollar Devaluation: Last November, he suggested lowering the dollar’s value to boost exports and shrink the trade deficit — a move he dubbed a possible “Mar-a-Lago Accord,” echoing the 1980s Plaza Accord.
- Tariffs as Leverage: He argued tariffs could push trading partners like the EU and Japan to accept a weaker dollar.
- Fed Governance Reform: In March 2024, as a Manhattan Institute fellow, Miran proposed making it easier for presidents to fire Fed board members, citing “groupthink” that he said led to policy errors.
These ideas are consistent with Trump’s “America First” economic stance, which prioritizes trade competitiveness and presidential influence over traditionally independent institutions.
Political and Economic Context
Trump’s nomination comes just days after the July jobs report showed sluggish hiring — only 73,000 jobs added — and amid concerns inflation could climb back to 3% year-over-year due to tariffs. Miran has echoed Trump’s belief that fears of tariff-driven inflation are overblown.
“What we’re seeing now in real time is a repetition once again of this pattern where the president will end up having been proven right,” Miran said on MSNBC after the jobs data release.
Looking Ahead
If confirmed, Miran’s brief tenure could still shape key Fed debates in late 2025, especially if economic growth slows or inflation rises. His alignment with Trump could tip close votes on interest rate policy and set the stage for a broader shift in the Fed’s leadership once Powell’s term expires.
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