Overview

• Stephen Miran is tapped to fill the Fed board vacancy left by Adriana Kugler’s early resignation and would serve through January 31, 2026.
• His appointment requires Senate approval, which could move swiftly under Republican control.
• Miran chairs the White House Council of Economic Advisers and backs Trump’s call for a three-percentage-point reduction in benchmark rates alongside his tariff agenda.
• The nomination intensifies debate over the Federal Reserve’s legal independence from presidential pressure on monetary policy.
• Trump is simultaneously vetting long-term candidates such as Kevin Warsh and Kevin Hassett ahead of Jerome Powell’s term conclusion in May 2026.