Overview

• Stephen Miran will replace Governor Adriana Kugler after her early resignation, serving through January 31, 2026.
• A Harvard PhD holder and chair of the White House Council of Economic Advisors, Miran is a key architect of the administration’s protectionist trade policies.
• As an interim governor, he will join the Federal Open Market Committee and is expected to advocate for rapid interest rate cuts.
• Trump has stated that he will continue searching for a permanent appointee while Miran holds the seat temporarily.
• Senators including Elizabeth Warren have vowed to probe whether Miran will defend the Fed’s independence or follow the president’s agenda.