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US President Donald Trump on Friday nominated the current Chairman of the Council of Economic Advisors in his administration, Stephen Miran, to a recently vacated seat on the US Federal Reserve Board of Governors after the resignation of Adriana Kugler.
According to a post on Truth Social, the US President stated that Miran would be serving until January 31, 2026, following his appointment if approved by the US Senate and in the meantime, his administration will keep searching for a permanent replacement. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement," the post read. Trump praised Miran's qualifications and past service in the field of economics and described his expertise as "unparalleled". "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!" the post added. Trump's call for Miran's appointment to the Federal Reserve Board has raised quite some eyebrows, as the Federal Reserve is known for keeping itself independent from any political influence. According to CNN, Miran is the backbone of the Trump administration's tariff strategy and is recognised as a leading architect behind the US President's wide-reaching tariff policy. He has been a key figure in advancing the administration's economic agenda since taking on the advisory role. He will be taking the position of Kugler after she resigned last week, despite her tenure running till January next year. She was appointed to the board by former US President Joe Biden in 2023. Miran's appointment, if confirmed, can put him in line for the next Chair at the Federal Reserve, CNN reported. According to CNN, under Federal Reserve rules, the Chair must be selected from among the sitting Governors on the Board. However, the current Chair, Jerome Powell, has been a sharp critic of the US President and has not indicated whether he plans to remain on the board after his term as Chair expires in May 2026. He can still be part of the board, as his tenure runs till 2028, but typically the Chair steps down entirely after their term ends, CNN reported. (ANI)
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