Trump Appoints Economic Official for Federal Reserve Position

President Donald Trump looks to appoint an ally to the Federal Reserve as he presses the central bank to cut interest rates aggressively.

Trump said he was appointing Stephen Miran, the current chair of the White House Council of Economic Advisers, to fill the remainder of Fed Governor Adriana Kugler’s term, which ends Jan. 31. Kugler announced her resignation last week and did not provide a reason.

In a social media post, Trump said Miran would serve in the position as the administration searched for a permanent replacement for the seat.

The move must be confirmed by the Senate, with Senate Banking Committee Chairman Tim Scott saying that the panel would “quickly consider” the nomination.

The move would add a loyalist to the Federal Reserve Board as Trump presses the case for additional rate cuts from the central bank. At its most recent meeting in July, the Federal Open Market Committee kept interest rates unchanged, even as two of the 12 voting members supported cutting rates for the first time this year.

The appointment comes as speculation continues over who will be Trump’s nominee to lead the Federal Reserve once current Chair Jerome Powell’s term expires in May 2026. Fed Governor Christopher Waller, one of the votes for a rate cut at the last meeting, has emerged as a top candidate for the role, while former Fed official Kevin Warsh and current National Economic Council director Kevin Hassett are also considered to be leading candidates, according to a Bloomberg report.