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Donald Trump has nominated Stephen Miran to fill a soon-to-be vacant seat on the Federal Reserve’s board of governors.
Miran, chair of the White House’s Council of Economic Advisers, will take the seat vacated by Adriana Kugler, who is leaving the central bank on Friday, months before her term was set to end in January.
The president said in a Truth Social post on Thursday that Miran would serve through to the end of January as the administration continues its search for a “permanent replacement” to fill the seat.
The seat would give Miran a vote on the rate-setting Federal Open Market Committee, where he is seen as likely to support Trump’s calls for aggressive interest rate cuts.
It is expected that Trump will eventually use the seat to nominate a replacement for Jay Powell, whose term as Fed chair ends in May 2026, but who could serve as a governor until the end of January 2028.
Miran will need to be confirmed by the Senate for the role. The Senate approved his appointment to the CEA by 53 votes to 46.
The Fed declined to comment.
This is a developing story