President Trump said Thursday that he would nominate Stephen Miran, current chair of the president's Council of Economic Advisers, to the Federal Reserve Board of Governors.

Miran will replace outgoing governor Adriana Kugler, who is set to step down on Friday. Miran's term will run until Jan. 31, 2026.


"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 said in a post on Truth Social.

"In the meantime, we will continue to search for a permanent replacement," Trump continued. "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!"

Miran served as an adviser of economic policy for the Treasury Department during Steven Mnuchin's tenure as Treasury Secretary during Trump's first administration. He was also a senior strategist at Hudson Bay Capital Management.


Kugler unexpectedly announced last week that she would step down from the Fed's Board of Governors, just under six months before her term was set to expire on Jan. 31, 2026. Kugler, who has served as a Fed governor since Sept. 13, 2023, will return to Georgetown University as a professor this fall.

Miran's appointment will bring not only a Trump administration official onto the Fed board, but likely also another official who is in favor of the central bank cutting interest rates as soon as its September policy meeting.

Last week, Fed governors Chris Waller and Michelle Bowman both voted against the Fed's decision to keep interest rates unchanged in a range of 4.25%-4.50%. Bloomberg reported earlier on Thursday that Waller is emerging as the favorite to replace Jerome Powell as Fed Chair among Trump's advisers.