WASHINGTON (AP) — President Donald Trump said Thursday he will nominate a top economic adviser to the Federal Reserve’s board of governors for four months, temporarily filling a vacancy while continuing his search for a longer-term appointment.
Trump said he has named Stephen Miran, the chair of the White House’s Council of Economic Advisers, to fill a seat vacated by governor Adriana Kugler, a Biden appointee who is stepping down Friday. Miran, if approved by the Senate, will serve until January 31, 2026.
The appointment is Trump’s first opportunity to exert more control over the Fed, one of the few remaining independent federal agencies. Trump has relentlessly criticized the current chair, Jerome Powell, for keeping short-term interest rates unchanged, calling him “a stubborn MORON” last week on social media.
Miran has been a major defender of Trump’s income tax cuts and tariff hikes, arguing that the combination will generate enough economic growth to reduce budget deficits. He also has played down the risk of Trump’s tariffs generating higher inflation, a major source of concern for Powell.
The choice of Miran may heighten concerns about political influence over the Fed, which has traditionally been insulated from day-to-day politics. Fed independence is generally seen as key to ensuring that it can take difficult steps to combat inflation, such as raising interest rates, that politicians might be unwilling to take.
