Stephen Miran named next Fed Governor; his economics expertise is unparalleled, says Trump

US President Donald Trump on Thursday announced the selection of Stephen Miran to serve on the Fed Board of Governors, replacing Adriana Kugler whose term ends in January 2026. Miran is currently serving as chair of the Council of Economic Advisors.

Stating that Miran’s “expertise in the world of economics is unparalleled”, Trump said he “has been with me from the beginning of my Second Term”.

“He will do an outstanding job,” said the US president.

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He will still need Senate's nod to the seven-person board. The Federal Open Market Committee (FOMC) -- the US central bank's rate-setting panel -- is set to meet next on September 16-17.

If appointed, Miran will be a permanent voting member of the panel.

We will continue to search for a permanent replacement: Donald Trump

Trump wrote on social media platform Truth Social that "in the meantime, we will continue to search for a permanent replacement", suggesting that Miran's appointment to the job may be temporary.

Miran's selection as Fed Governor comes amid Trump's souring relations and strong criticism of Fed Chair Jerome Powell, whose current term expires in May. Trump has publicly criticised the central bank chief, requesting his resignation on several occasions.

There has been buzz around the possibility that Trump may seek to nominate a “shadow chair” at the central bank's top helm.

The 47th US president has been pushing for sharply lower interest rates and Miran has been a strong critic of the Fed, specifically opposing its aggressive stimulus actions during the pandemic.

Miran has co-authored the “Mar-A-Lago Accord”, Trump 2.0's proposed trade initiative aimed at devaluing the dollar as a way of managing the current account deficit problem for the world's largest economy.

He has also criticised former Treasury Secretary Janet Yellen’s move to buy short-term Treasurys in order to manage the national debt.

In Trump 1.0, Miran served as senior advisor for economic policy under then-Treasury Secretary Steven Mnuchin.

Earlier, he was a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research.