Trump nominates Stephen Miran for Fed Board of Governors

US President Donald Trump has nominated Stephen Miran , Chairman of the Council of Economic Advisers, to replace Adriana Kugler , who will leave the US Federal Reserve (Fed) Board of Governors.

Trump released a statement on his Truth Social account. "It is my great honor to announce that I have selected Dr. Stephen Miran, the current chairman of the Council of Economic Advisers, to fill the newly vacant seat on the Federal Reserve Board of Governors until January 31, 2026," he said.

Stating that efforts will continue to determine a permanent candidate for the position in question, Trump stated that Miran holds a doctorate in economics from Harvard University and has performed successfully during his first presidential term.

Trump emphasized that he and Miran have been working together since the beginning of his second term as president and that his expertise in the economic world is "unique."

Stephen Miran will need to be confirmed by the US Senate to join the Fed Board of Governors. The Fed announced last week that Board Member Adriana Kugler will leave her position effective August 8.

In a statement made by the bank, it was stated that Kugler had been serving since September 13, 2023 and submitted his resignation letter to US President Trump.

Trump had alleged that Kugler had disagreed with Fed Chair Jerome Powell on interest rates.