President Trump announced Thursday he would nominate Stephen Miran, chair of the White House Council of Economic Advisers (CEA), to serve as a “temporary” member of the Federal Reserve Board of Governors.
In a post on Truth Social, Trump said he would nominate Miran to a soon-to-be vacant spot on the Fed board while the president searches for a long-term replacement.
“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!,” Trump wrote.
Miran served as an economic adviser to former Treasury Secretary Steven Mnuchin during Trump’s first term. He was confirmed along party lines to lead the CEA for Trump’s second term, making him the top White House economist at a critical time for the president’s agenda.
Miran received his Ph.D. in economics from Harvard University and wrote a paper in November focused on the relationships between tariffs and the value of the U.S. dollar that caught steam among Trump’s top advisers.
Once confirmed by the GOP-controlled Senate, Miran would serve the remainder of a term occupied by Fed Gov. Adriana Kugler, who will depart the central bank Friday and return to academia. Kugler’s term was set to expire Jan. 31 of next year.
Miran’s confirmation to the Fed board could affect the timing of Trump’s eventual replacement of Fed Chair Jerome Powell, whose term leading the central bank expires in May.
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