BREAKING: President Trump Nominates Replacement for Key Federal Reserve Board Vacancy

This just in: President Trump has nominated Dr. Stephan Miran to fill a key vacancy on the Federal Reserve Board.

Dr. Stephan Miran is President Trump’s current Chairman of the Council of Economic Advisors.

He will serve on the Board until the end of January while President Trump finds a permanent replacement.

President Trump made the announcement on Truth Social:

Full text of President Trump’s Truth Social post:

It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!

Last week, Biden-appointee Adriana Kugler suddenly resigned from her role as Federal Reserve Governor.

This presented President Trump with the unique opportunity to get his own pick on the Board, which plays a key role in setting interest rates.

While Dr. Miran will not permanently serve as Federal Reserve Governor, his appointment marks a significant shake-up at the Fed.

He could influence Jerome Powell from the inside to cut interest rates.

🚨 BREAKING: President Trump announces he’s chosen Dr. Stephen Miran to fill the vacancy on the Federal Reserve Board of Governors after a Biden appointee quit

There’ll now be more pressure from INSIDE the Federal Reserve for Powell to LOWER THE RATE! pic.twitter.com/4hwF9YDkgl

— Nick Sortor (@nicksortor) August 7, 2025

CNBC noted:

Miran’s appointment comes amid continuing speculation that Trump would seek to nominate a “shadow chair” whose job it would be mainly to act as a gadfly on the board. Trump said Wednesday that the nominee for the Kugler seat would be temporary rather than a permanent replacement for Powell.

The president has been pushing for sharply lower interest rates. Miran is a past critic of the Fed, specifically its aggressive stimulus actions during the Covid crisis.

In addition, he is an author of the controversial “Mar-A-Lago Accord,” a plan to devalue the dollar as a way of managing the current account deficit problem for the U.S. He was critical of previous Treasury Secretary Janet Yellen’s decision to purchase short-term Treasurys as a way to manage the national debt.

“By selecting Miran, Trump has made a stop-gap appointment and given himself until January to make the main call,” Marco Casiraghi, senior economist and strategist at Evercore ISI, said in a note. “This way Trump did not tie his hands, keeping his options open regarding the choice of the new Fed governor and especially the new Fed chair.”

Dr. Miran’s nomination will still require confirmation by the Senate — who will not return to session until September.

But, he seems like the right pick for the job.

He has worked in the Treasury, academia, and as a hedge fund strategist.

He’s also a staunch supporter of President Trump and critic of the Federal Reserve.

The New York Times shared more details on his background:

Mr. Miran served at the Treasury Department during the first Trump administration, advising on fiscal issues, before joining Hudson Bay Capital Management, a hedge fund, as a senior strategist. He donated to the president’s re-election campaign, federal campaign records show.

Since returning to the administration, Mr. Miran has overseen work at the White House to produce research about the economic effects of the president’s policies. In that role, he has been unwavering in support for Mr. Trump’s agenda, at times producing reports that economists have questioned.

In particular, Mr. Miran has echoed Mr. Trump in maintaining that tariffs would not cause consumer prices to rise, a view that differs from most economists and even some of the early data, after an inflation report that showed goods like clothing becoming more expensive.

Mr. Miran took to Fox Business Channel on Thursday, shortly before his nomination, to laud Mr. Trump and predict that the president’s policies on tax and trade would result in a “material uptick in economic growth.”

A day earlier, Mr. Miran acknowledged on CNBC that recent economic indicators — including downbeat reports in jobs and manufacturing — had not been “up to snuff.” But, he maintained, “some significant headwinds to the economy have just turned into enormous tailwinds,” pointing to the passage of the tax bill and the president’s new tariffs.

“This seat is very important to the president,” Mr. Miran said of the open Fed position.

What are your thoughts?

Do you approve of President Trump’s choice?