President Trump announced Thursday that he'll nominate Stephen Miran, chair of his Council of Economic Advisers, to serve out an unfinished term on the Federal Reserve Board. If the Senate confirms him, Miran—a critic of Fed Chair Jerome H. Powell and unbending supporter of Trump's policies—would take the spot held by Adriana Kugler, whose resignation takes effect Friday, the Washington Post reports. That term will expire on Jan. 31, giving Trump an ally's vote on decisions such as whether to lower interest rates, as the president has pressured the board to do.
"He has been with me from the beginning of my Second Term," Trump posted, "and his expertise in the World of Economics is unparalleled." Miran apparently is not in the running to keep the seat; Trump said the search for Kugler's permanent replacement will continue. Miran's full endorsement of Trump's policies has included reports that other economists have questioned or dispute, per the New York Times, including his stance that tariffs won't drive up consumer prices.
Republican Sen. Tim Scott, who chairs the Senate Banking Committee, praised the nomination, per CNBC, calling Miran "an accomplished economist." Democratic Sen. Elizabeth Warren described the nominee as a "Trump loyalist and one of the chief architects of the President's chaotic tariff policy that has hurt Americans' wallets." A Senate confirmation vote is unlikely before September.
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