By Sachin Shankar Yadav 
Stephen Miran, the current chair of the White House Council of Economic Advisers, has been nominated by President Donald Trump to temporarily fill a vacancy on the Federal Reserve Board of Governors until January 31, 2026.
Governor Adriana Kugler’s early resignation created the Fed Board vacancy, even though her 14-year term was scheduled to expire in January 2026. The remaining six months or so of Miran’s term will be spent in office.
Stephen Miran, a former Treasury Department employee during Trump’s first term as president, is well-known for endorsing Trump’s economic policies, such as tariffs and tax cuts.
Trump has stated that he wants the Fed to reduce interest rates and has criticized Fed Chair Jerome Powell for keeping them constant. Miran is anticipated to closely adhere to Trump’s economic philosophy.
Although the Senate must confirm Miran’s appointment, this nomination represents Trump’s first chance to influence the leadership of the Federal Reserve during his current term.
Beginning early next year, Trump and the White House are still looking for a permanent Fed board candidate, possibly for the next full 14-year term.
Jerome Powell will stay on the board until 2028, but his term as Fed Chair is anticipated to expire in May of next year. It’s unclear if Miran or another candidate will take Powell’s place as Chair.
Stephen Miran will serve as a temporary Fed Board member until the end of January 2026, providing Trump with a temporary platform to influence Fed policy in the midst of ongoing monetary and economic discussions. Senate approval of the nomination is still pending.