In a surprising move, President Donald Trump has tapped an America First economist to join the influential Federal Reserve Board, stirring debate amid ongoing tensions over monetary policy.
According to Breitbart, Trump announced on Thursday the nomination of Stephen Miran, chairman of the White House Council of Economic Advisers, to fill a vacant seat on the Federal Reserve Board, replacing Governor Adriana Kugler for a term ending January 31, 2026.
The announcement came via Trump’s Truth Social platform, where the president expressed confidence in Miran’s abilities. This temporary appointment aims to address an immediate vacancy while a search for a permanent nominee continues.
Miran, who holds a Ph.D. in Economics from Harvard University, is no stranger to Trump’s inner circle. He served during Trump’s first administration and has been a key figure since the start of the second term. As chairman of the Council of Economic Advisers, Miran has shaped economic policy discussions at the White House. His nomination to the Fed marks a significant shift, placing a close Trump ally in a critical financial role. However, this appointment is not without hurdles, as it requires Senate confirmation. The Senate, currently in its August recess, will not reconvene until early September, delaying the process.
The nomination comes at a time of heightened friction between the White House and the Federal Reserve. Trump and his advisers have openly criticized the Fed for keeping interest rates high despite signs of cooling inflation and a softening labor market. This disagreement over monetary policy has fueled speculation about Trump’s long-term vision for the Fed. With Fed Chair Jerome Powell’s term ending in May, some see this nomination as a potential preview of future leadership changes. Miran’s views on economic issues, particularly tariffs, may further complicate his confirmation. He has argued that tariffs imposed under Trump’s administration are unlikely to cause lasting inflation, describing any price hikes as one-time adjustments.
This perspective on tariffs aligns with Fed Governor Christopher Waller, who dissented at the July Federal Open Market Committee meeting, advocating for a rate cut. Miran has praised Waller for maintaining an independent stance on this issue. “He’s done himself a big credit recently as well not succumbing to the tariff derangement syndrome that many others throughout the country, but particularly at the Fed, seem to have succumbed to,” Miran said of Waller. “He’s done a really good job having an independent voice,” Miran added, highlighting his respect for Waller’s approach to policy debates.
In contrast, Fed Chair Jerome Powell has repeatedly cautioned that tariffs could stoke inflation. Powell has indicated that the Fed might have lowered rates already if not for concerns about tariff-driven price increases. Miran’s appointment could shift the balance of opinions on the Fed board, especially given his background as a former Treasury official and market economist. His experience in currency and rates trading is seen as a valuable addition to a board lacking significant financial markets expertise. Inside the White House, Miran is viewed as a strong fit for the role. A source familiar with internal discussions described him as an ideal candidate for the current economic climate.
“There’s no stronger America First candidate for the job than Miran,” said a person familiar with conversations inside the White House. “He brings the qualifications, credibility, and insight the Fed needs at this transitional time,” the same person added, emphasizing Miran’s readiness for the position. Trump himself lauded Miran’s credentials in his announcement, pointing to his academic and professional achievements. The president expressed full confidence in Miran’s ability to excel at the Fed.
“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,” Trump stated. “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,” Trump added.
The path to confirmation, however, may not be smooth for Miran. His earlier confirmation to the Council of Economic Advisers in March passed on a narrow 53-46 party-line vote, suggesting potential opposition in the Senate.
Similar resistance could emerge during the Fed confirmation process, especially given the polarized political climate. Lawmakers on both sides will likely scrutinize Miran’s economic views and alignment with Trump’s policies. Until a successor is confirmed, Fed governors are permitted to remain in their roles even after their terms expire. This rule could provide continuity if Miran’s confirmation faces delays.
For now, the nomination sets the stage for a broader debate about the Federal Reserve’s direction. Trump retains the option to nominate a long-term successor for the seat, potentially reshaping the Fed’s leadership further.
As the Senate prepares to return from recess, all eyes will be on how lawmakers respond to Miran’s nomination. The outcome could signal whether Trump’s economic priorities will gain traction within the Fed.
Meanwhile, Miran’s temporary appointment underscores the urgency of filling the vacant seat. His presence on the board, even temporarily, could influence ongoing discussions about interest rates and inflation. The intersection of politics and monetary policy will likely remain a focal point in the coming months. With economic challenges looming, Miran’s role at the Fed could prove pivotal in navigating these turbulent waters.