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Trump nominated Stephen Miran, one of the architects of his trade policy, to the Federal Reserve Board

If confirmed by the Senate, Miran will serve out the remainder of current Fed Governor Adriana Kugler's term until January 31 next year.

Miran in Washington, D.C./ Brendan Smialowski

Miran in Washington, D.C./ Brendan SmialowskiAFP

Joaquín Núñez
Published by
Joaquín Núñez

Donald Trump announced Stephen Miran, current chairman of the White House Council of Economic Advisers, to serve on the Federal Reserve. While many names had been speculated to fill the vacancy until January 2026, the president settled on one of the architects of his trade agenda.

If confirmed by the Senate, Miran will serve out the remainder of the term of current Fed governor Adriana Kugler until Jan. 31 next year. When the term expires, the president will be able to appoint a replacement for the next 14 years.

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"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. In the meantime, we 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," the chairman said.

"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!" he added.

As for Miran's experience, he has a PhD in economics from Harvard University and was an adviser to former Treasury Secretary Steven Mnuchin. He is also one of the president's chief trade policy architects. In late 2024, he wrote an article titled "A User's Guide to Restructuring the Global Trading System," explaining how the United States could innovatively use tariffs.

What does a member of the Federal Reserve Board do?

There are seven members in total, whose tenure is 14 years to ensure institutional independence. Among other things, they perform the following functions:

  • Participate in the formulation and execution of monetary policy.
  • Supervise the 12 Federal Reserve Banks.
  • Testify before Congress on economic policy if necessary.
  • Participate in the Federal Open Market Committee (FOMC), the body that decides all matters related to interest rates and money supply management.

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