Who is Stephen Miran nominated by Trump to replace Adriana Kugler?

Former President Donald Trump announced Thursday that Stephen Miran, chair of the Council of Economic Advisers, has been tapped to fill a vacancy on the Federal Reserve Board of Governors. The appointment comes following the resignation of Governor Adriana Kugler, whose term was set to expire on January 31, 2026.

Miran will serve out the remainder of Kugler’s term but is not guaranteed to remain beyond that. In his post on Truth Social, Trump hinted that Miran’s role may be temporary, writing, “We will continue to search for a permanent replacement.” Still, Trump praised the economist, saying, “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. Congratulations Stephen!”

While the appointment still requires Senate confirmation—unlikely to occur before Congress reconvenes in September—Miran would immediately become a voting member of the Federal Open Market Committee (FOMC), which next meets on September 16–17.

A Shadow Chair in the Making?

The timing and nature of the appointment have fueled speculation that Miran may be intended to act as a “shadow chair” on the board, amplifying the administration’s influence on Fed policy. Trump has been a vocal critic of current Fed Chair Jerome Powell, repeatedly attacking him over interest rate decisions and even suggesting he be removed—something legal experts warn is beyond presidential authority without cause.

With Powell’s term ending in May 2026, the stage is being set for a possible leadership shake-up at the central bank. Speculation is swirling around potential replacements, including current Governor Christopher Waller, former Governor Kevin Warsh, and current National Economic Council Director Kevin Hassett—all with ties to Trump or his economic worldview.

The concept of installing a dissenter on the board aligns with past statements from Treasury Secretary Scott Bessent, who has floated the idea of a Fed governor acting as a counterweight to Powell—publicly promoting the White House’s monetary stance even in dissent.

Who Is Stephen Miran?

Miran is no stranger to controversy or bold policy ideas. He previously served in the first Trump administration as senior advisor for economic policy under then-Treasury Secretary Steven Mnuchin. During the Covid-19 crisis, he was heavily involved in developing the Paycheck Protection Program.

His background also includes time as a senior strategist at Hudson Bay Capital Management and a senior fellow at the conservative Manhattan Institute. He’s been a strong supporter of reciprocal tariffs—a key pillar of Trump’s trade strategy—and has expressed strong pro-crypto views.

Miran has also been critical of the Federal Reserve’s expansive monetary policies during the pandemic, calling its actions overly aggressive. One of his more debated policy proposals is the “Mar-A-Lago Accord,” a plan to devalue the U.S. dollar to reduce the country’s current account deficit—a stance that runs counter to decades of U.S. policy favoring a strong dollar.

If confirmed, Miran will participate in decisions on interest rates and also play a role in shaping the Fed’s regulatory stance over the financial system. However, many observers believe his most immediate function could be political: injecting dissent into board decisions and echoing the administration’s push for aggressive rate cuts.

A Fracturing Fed?

Tensions at the Fed may already be rising. At last week’s FOMC meeting, two Trump-appointed governors—Christopher Waller and Michelle Bowman—dissented from the committee’s decision to keep the federal funds rate steady. It marked the first time in more than 30 years that multiple governors opposed a rates decision.

Miran’s potential addition could signal more frequent dissent and an intensifying battle over the direction of monetary policy. With Trump advocating for steep rate cuts, the Fed’s independence may soon be put to the test.