President Trump has appointed Stephen Miran, his current Chairman of the Council of Economic Advisers and a trusted economic ally, to the Federal Reserve Board of Governors — a move that comes amid Trump’s escalating pressure campaign against Fed Chair Jerome Powell.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran… to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump said in a statement, praising Miran’s Harvard economics credentials and service in both his administrations.
Miran fills the seat previously held by Adriana Kugler, a Biden appointee, joining the seven-member board led by Powell, who has resisted Trump’s repeated calls to resign. Powell, 72, has argued that Trump’s new tariffs warrant caution in adjusting interest rates.
While it’s unclear if Miran’s appointment will shift the Fed’s immediate policy stance, it ensures Trump has a loyalist inside the central bank’s inner circle. The president has accused Powell of keeping rates too high, blaming him for a sluggish housing market and higher borrowing costs that burden consumers and businesses alike.
Trump’s criticism extends beyond monetary policy, targeting Powell for alleged mismanagement, including a $2.5 billion Fed headquarters renovation. However, Trump has dismissed using construction overruns as a legal reason to oust him.
Interest rates remain elevated following the inflation spike under President Biden in 2022, a reality Trump says is stifling economic growth. On Aug. 1, he demanded on Truth Social that the board “assume control” if Powell refuses to slash rates, calling him “Jerome ‘Too Late’ Powell, a stubborn MORON.”
With Miran’s addition, the Fed board now stands evenly split — three Republicans, three Democrats, and Powell at the helm — setting the stage for a high-stakes power struggle over U.S. monetary policy.
