Stephen Miran has been nominated to serve on the Federal Reserve Board of Governors, according to a Truth Social post by President Donald Trump.
Miran, an economist who has been chair of the Council of Economic Advisers since March, would replace Adriana Kugler, who announced last week that she is resigning from the board effective Friday.
Trump noted that Miran’s appointment is temporary, as Kugler’s term was set to expire on Jan. 31, 2026. He said the administration 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,” Trump wrote. “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 economic policy adviser for the Department of the Treasury from 2020 to 2021. He has been critical of current Fed Chair Jerome Powell in the past, writing on social media in 2024 that Powell was “wrong politically and economically when he urged Congress to ‘go big’ on fiscal stimulus in October of 2020, on the eve of a Presidential election.”
More controversially, Miran co-authored a Manhattan Institute report in 2024 that called for a drastic overhaul of the Fed. Proposals included nationalizing the Federal Reserve banks; shortening board members’ eligibility to a single term of eight years instead of 14 years; allowing all Federal Open Market Committee (FOMC) members to vote at every meeting; and making the Fed’s annual operating budget subject to a congressional appropriations process instead of its current independent funding from its income-bearing investments.
The Fed Board of Governors consists of seven members — all of whom are also part of the 12-member FOMC that votes on monetary policy matters. The remaining FOMC positions are rotated among heads of Fed banks in major U.S. cities.
Assuming Miran is confirmed for the temporary position, Trump would have options to shape the Fed board to his liking in January. He could choose to appoint a new Fed governor at that time who would then succeed Powell as chair when his term expires in May.
Trump confirmed in a CNBC interview on Tuesday that former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett are on his short list for next Fed chair. Current Fed Governor Christopher Waller wasn’t mentioned by Trump as a possible Powell successor, but White House sources confirmed to Bloomberg that Waller is under consideration.
Trump may have another Fed opening to work with in May when Powell’s chairmanship term ends. While Powell could technically remain on the board until 2028, Fed chairs typically step down altogether when their leadership term ends. Powell has repeatedly refused to comment on his intentions.
