As President Donald Trump nominated economist Stephen Miran to the Federal Reserve’s board of governors on Thursday to fill a position to be vacated by departing Governor Adriana Kugler, it sparked confusion around Trump firing Powell. However, the confusion was unfounded, as Powell continues on his role as the Fed Chair.
Stephen Miran and Jerome Powell.(Agencies)
Miran, who is serving as the chair of the White House’s Council of Economic Advisers, will fill the seat until January 31, 2026. His nomination is still subject to Senate approval.
The rumors about Jerome Powell’s firing surfaced amid the rough relationship that the President and the Federal Reserve chair share over their differences on lowering short-term interest rates. However, as the POTUS said to the press during his visit to the Fed building last month, he plans to let Powell’s term complete his term, which ends in May 26.
As Powell refuses to let in on Trump’s push to lower short-term interest rates, Miran’s appointment will enable the President to push his agenda from within the board of the federal agency. Miran has been a major defender of the Trump administration’s economic policies, including slapping tariffs and initiating income tax cuts.
Despite the threats to fire Jerome Powell, Trump had said that the Chairman is doing a “good job” and he felt “good” about the relationship they share.
“I believe that the chairman is going to do the right thing, maybe a little too late, as the expression goes, but I believe he’s going to do the right thing,” the 79-year-old said.
Also read: Prove race not considered for admissions: Donald Trump’s new order to combat DEI in US colleges
Trump Considering Powell Replacements
Earlier this week, President Trump revealed that he has started speaking to candidates and evaluating them for the role of the Federal Reserve chair. In the August 5 interview, the POTUS revealed that the among the candidates he has considered are Scott Bessent and former Federal Reserve Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
“I asked him just last night, is this something you want? Nope, I want to stay where I am,” Trump said regarding his conversation with Powell, who he said declined the offer. “He’s doing a great job, and he wants to do what he’s doing, so I just take him off. He does not want it.”
“I think I say Kevin (Warsh) and Kevin (Hassett), both Kevins are very good, and there are other people that are very good too,” Trump said. He added, however, that he is not “making a decision right now.”