U.S. President Donald Trump wasted no time replacing former Federal Reserve Governor Adriana Kugler with one of his trusted guides, Stephen Miran who like Trump, is a staunch critic of current Fed Chairman Jerome Powell. The president made the announcement on Thursday afternoon via Truth Social.

(Former Fed Governor Adriana Kugler resigned last week amid increasing tensions between the central bank and the Trump administration)

Miran was a senior economic policy advisor at the Department of the Treasury during Trump’s first term and currently chairs the president’s Council of Economic Advisers. The 41-year-old Republican earned his PhD in Economics at Harvard University and was a senior fellow at the Manhattan Institute for Policy Research.

“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,” Trump 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.”

Kugler, who was one of seven Federal Reserve Board governors, stepped down in a surprise move last week. Her term was slated to expire in January 2026. But tensions between the Trump administration and the Fed, which acts independently of the executive branch, have escalated in recent months. The president has been calling on the central bank to cut rates by three points to save the government “one trillion dollars a year” in interest payments on the jaw dropping $36.67 trillion national debt.

But members of the Fed have held the line, keeping rates steady since December 2024, much to the chagrin of the president. But now, with Kugler out and Miran in, there will be at least three central bank board members, including Christopher Waller and Michelle Bowman, pushing to lower rates at the next Fed meeting in September. A more radical overhaul of the central bank will likely take place after Powell’s term expires in May 2026.

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