Trump to nominate Stephen Miran to be new Fed governor, replacing Kugler

Source: CNBC

Published Thu, Aug 7 2025 3:48 PM EDT Updated 4 Min Ago


President Donald Trump on Thursday announced he has selected Stephen Miran, chair of the Council of Economic Advisors, to serve on the Federal Reserve Board of Governors, replacing Adriana Kugler, who resigned Friday. The nominee will serve out Kugler’s term, which expires Jan. 31, 2026.

“In the meantime, we will continue to search for a permanent replacement,” Trump said in a Truth Social post, indicating that the nominee for the full 14-year term on the board could be someone else and Miran may just be in a caretaker role. “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. “Congratulations Stephen!”

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. 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 the 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.

Read more: https://www.cnbc.com/2025/08/07/trump-to-nominate-stephen-miran-to-be-new-fed-governor-replacing-kugler-.html