Overview

• President Trump nominated CEA Chair Stephen Miran on August 7 to fill the seat vacated by Adriana Kugler through January 31, 2026.
• The pause in Senate business pushes his confirmation into early September, sidelining him for the Fed’s September 16–17 policy meeting.
• Fed Chair Jerome Powell’s term ends in May 2026 but he can remain on the Board until January 2028, potentially delaying further Trump appointments.
• The White House is vetting candidates for both the temporary vacancy and the full 14-year term opening February 1, 2026, with Christopher Waller, Kevin Warsh and Kevin Hassett under consideration.
• Miran, a vocal critic of Fed officials’ “tariff derangement syndrome,” faces scrutiny from senators such as Elizabeth Warren over his independence.