Former President Trump announced that he will nominate Stephen Miran, the chairman of the Council of Economic Advisers, to temporarily serve as a Federal Reserve Board member following the resignation of Adriana Kugler, effective Friday.
Trump stated on social media that Miran will serve as a Federal Reserve Board member until January 31, 2026, and the White House will "continue to search for a permanent successor." Reports indicate that the president is weighing options including economic adviser Kevin Hassett, former Federal Reserve Board member Kevin Warsh, and two others as potential replacements for Kugler, with a decision expected by the end of the weekend.
The new Federal Reserve Board member will play a significant role in monetary policy decisions, including the federal funds rate. The nomination requires Senate approval, coming shortly after Kugler's resignation on August 1. The Federal Reserve has not disclosed the reason for her departure.
Hassett, who also served as the director of the National Economic Council during Trump's presidency, revealed that he held shares in Coinbase valued between $1 million and $5 million as of June. Warsh served on the Federal Reserve Board from 2006 to 2011 and is reported to have stated that blockchain technology could benefit the Federal Reserve's payment system.
Trump has had conflicts with Federal Reserve Chairman Powell, who was nominated during his first term. The president has consistently challenged the Federal Reserve's independence in deciding the federal funds rate.
Many legal experts believe that Trump does not have the authority to dismiss Powell without just cause. Nevertheless, a Supreme Court ruling in April expanded the president's power over agencies that were previously considered independent of the presidency. This ruling supported Trump's decision to remove members of the National Labor Relations Board and the Merit Systems Protection Board.
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Original: “Trump Nominates Chief Economic Adviser to Temporarily Fill Key Federal Reserve Seat”
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