Donald Trump has announced plans to nominate Stephen Miran, his top economic adviser, to the Federal Reserve’s board of governors in a move that would give the president more sway over the central bank.
Miran would fill the vacancy left by Adriana Kugler, who steps down this week, and if confirmed by the Senate, would serve until the end of January 2026.
The temporary appointment marks Trump’s first chance to shape the Fed, which is typically insulated from political pressure.
Miran has defended Trump’s approach of cutting taxes and imposing tariffs, arguing it will support economic growth and keep inflation in check.
Those views that have put him at odds with current Fed chair Jerome Powell, whom Trump has repeatedly criticised for holding interest rates steady.
If approved, Miran is expected to back lower rates. However, most Fed officials remain concerned that Trump’s tariff policy could drive inflation higher, keeping the debate over interest rates very much alive.