Trump names replacement for Fed seat; still looking for permanent appointee

President Donald Trump announced on Thursday that he has selected Council of Economic Advisers Chairman Stephen Miran to join the Federal Reserve Board of Governors, the panel tasked with helping guide the nation’s monetary policy. 

Trump said in a Truth Social post that Miran will serve in the role until Jan. 31 of next year.

“In the meantime, we will continue to search for a permanent replacement,” Trump wrote, adding that Miran has a Ph.D. in economics from Harvard.

Miran, a veteran of both Trump administrations, will ascend to the role following Senate approval.

The Federal Reserve Board of Governors, commonly known as the Fed Board, is composed of seven members, or governors, who are nominated by the president and confirmed by the Senate. 

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Last week, Federal Reserve Governor Adriana Kugler announced she would resign from her post, which Trump called “a pleasant surprise” as the early exit gives him the opportunity to install a new candidate more aligned with his economic agenda.

Trump’s new Fed governor was highly anticipated to eventually succeed Powell next May, a move that comes amid escalating tensions between Trump and Powell in recent months.

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Trump, who appointed Powell to the role in 2017, has repeatedly called for the Fed to lower the federal funds target rate, which he says could save the nation “hundreds of billions of dollars.” 

Powell has kept the central bank’s key borrowing rate target within a range of 4.25% to 4.5%, adopting a cautious approach as the Fed continues to weigh the economic impact of Trump’s tariffs.

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Following last month’s Federal Open Market Committee meeting, Chair Jerome Powell announced that interest rates would leave the rate unchanged, marking the fifth time this year the Fed has held them steady.