Trump Nominates Stephen Miran as New Fed Governor, Replacing Kugler Until Jan 2026

Key Takeaways

• Trump nominated Stephen Miran, current Council of Economic Advisers Chairman, to fill Adriana Kugler's vacant Fed governor seat

• This is a temporary appointment lasting until January 31, 2026

• Miran co-authored the controversial "Mar-A-Lago Accord" proposing dollar devaluation

• He previously criticized Fed's aggressive COVID stimulus measures

• The nomination comes as Trump pressures the Fed for lower interest rates

• Miran holds a Ph.D. in economics from Harvard

• Adriana Kugler resigned without stating reasons, though her term was set to expire in January

Trump Makes His Fed Play

Trump announced Thursday he selected Stephen Miran, chair of the Council of Economic Advisors, to serve on the central bank. The guy doesn't waste time. Trump said Miran "has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled."

This isn't some random bureaucrat getting shuffled around. Miran knows the game. He served as an adviser of economic policy for the Treasury Department during Steven Mnuchin's tenure as Treasury Secretary during Trump's first administration. He's also worked at Hudson Bay Capital Management as a senior strategist.

The timing tells you everything. The pick comes as the White House continues its pressure campaign to get lower interest rates. Trump wants rates down. He's been vocal about it. Now he's got a seat at the table where those decisions get made.

Miran is filling a vacancy left by Adriana Kugler, who was appointed by former President Joe Biden in 2023. She bailed last week. Her term was slated to end in January, but last week she announced her resignation without citing a reason for her departure. Smart move, probably. Why stick around when the wind's changing?

The Temporary Fix

This isn't a permanent gig. Trump wrote in a Truth Social post that Miran will serve "until January 31, 2026." He added: "In the meantime, we will continue to search for a permanent replacement."

Four months isn't long. But it's long enough to shake things up. President Donald Trump said Thursday he will nominate a top economic adviser to the Federal Reserve's board of governors for four months. Four months of someone who thinks like Trump sitting on the Fed board.

The math is simple here. Trump gets his guy in there while he hunts for someone who can stick around longer. Miran, a veteran of both Trump administrations, will ascend to the role following Senate approval. Senate Republicans control the chamber now. This should sail through.

What makes this interesting is the short timeline. Most Fed appointments are 14-year terms. This is basically a placeholder move. But placeholders can move markets. They can change votes. They can shift the conversation about where rates should go.

Miran's Economic Philosophy

Miran is a past critic of the Fed, specifically its aggressive stimulus actions during the Covid crisis. This tells you where he stands. He thinks the Fed went too far during the pandemic. Printed too much money. Created too much easy credit.

Here's where it gets interesting: he is an author of the controversial "Mar-A-Lago Accord," a plan to devalue the dollar as a way of managing the current account deficit problem for the U.S. This isn't your typical Fed governor thinking. Most Fed officials treat dollar strength like a religion. Miran wants to weaken it on purpose.

The Mar-A-Lago Accord isn't some academic paper. It's a blueprint for economic warfare. The idea is simple , make American exports cheaper by making the dollar worth less against other currencies. Other countries have done this for decades. China built their entire export machine on an artificially weak currency.

But American policymakers usually dance around this topic. They'll say they want a "strong dollar" while secretly hoping it doesn't get too strong. Miran doesn't dance. He puts it in writing: weaken the dollar, fix the trade deficit.

Trump noted that Miran has a Ph.D. in economics from Harvard. The credentials matter in Washington. You can't just appoint your golf buddy to the Fed. You need someone who can speak the language, who understands the models, who can argue with the other governors using the same academic framework they learned in graduate school.

The Rate Game

The pick comes as the White House continues its pressure campaign to get lower interest rates. This isn't subtle. Trump wants cheaper money. He's been saying it for years. High rates kill growth. They make everything more expensive. They hurt working people trying to buy houses or start businesses.

The Fed raised rates to fight inflation. Mission accomplished , inflation came down. But they haven't cut rates as fast as Trump wants. Jerome Powell, the Fed Chairman, talks about being "data dependent." Trump talks about being economy dependent. Different languages. Same economic reality.

Miran gives Trump a voice inside the Fed meeting room. Not the deciding voice , there are seven governors total when all seats are filled. But voices matter. Debates matter. Having someone who agrees with you asking questions during the discussion changes the dynamic.

The bond market already knows this. Stock traders already know this. Currency traders definitely know this. They're watching to see if Miran's appointment signals a shift toward easier monetary policy. Lower rates. More liquidity. Cheaper borrowing costs.

Markets hate uncertainty. They love predictability. Having a Fed governor who co-wrote a plan to weaken the dollar isn't exactly predictable. It's the opposite. It's a signal that traditional Fed thinking might be changing.

Senate Confirmation Politics

"Stephen Miran is an accomplished economist and has been instrumental in advising on economic policy and advancing a pro-growth agenda in his role as CEA Chair," according to a Senate Banking Committee statement. The Republican-controlled Senate likes what they see.

Confirmation hearings will be interesting. Democrats will ask about the Mar-A-Lago Accord. They'll want to know if he plans to vote for rate cuts regardless of economic data. They'll ask about Fed independence , whether he sees himself as Trump's representative or as an independent voice.

Republicans will ask different questions. They'll want to know about growth strategies. About making American manufacturing competitive again. About whether the Fed's current approach is helping or hurting working families.

The temporary nature of this appointment makes confirmation easier. Senators can vote yes knowing this isn't a 14-year commitment. It's a four-month experiment. If it works, Trump finds someone similar for the permanent spot. If it doesn't work, the seat turns over quickly anyway.

Miran, a veteran of both Trump administrations, will ascend to the role following Senate approval. The "veteran" part matters here. He's not learning on the job. He knows how Trump thinks about economics. He knows what the administration wants to accomplish.

What This Means for Markets

Wall Street is paying attention. Currency traders are paying attention. Anyone who borrows money or lends money is paying attention. Fed governors vote on interest rates. Interest rates affect everything , mortgages, credit cards, business loans, stock prices, bond yields.

A Fed governor who co-authored a dollar devaluation plan brings a different perspective to rate decisions. Traditional Fed thinking focuses on inflation targets and employment levels. Miran's thinking includes trade deficits and currency competitiveness.

This could mean more aggressive rate cuts if the economy shows any weakness. It could mean keeping rates lower for longer even if inflation ticks up slightly. It could mean prioritizing economic growth over traditional inflation fighting.

The dollar has already moved on this news. Not dramatically, but enough to show that traders think this matters. A weaker dollar helps American exporters. It makes American goods cheaper overseas. It also makes imports more expensive, which can fuel inflation.

Fed watchers will be parsing every word Miran says between now and January. Every speech, every interview, every casual comment gets analyzed for clues about future policy direction. The temporary nature of his appointment might actually make him more influential , he has less to lose by speaking his mind.

The Bigger Picture

This nomination fits Trump's broader economic strategy. He wants American manufacturing to compete globally. He wants to reduce trade deficits. He wants economic growth to be the top priority, not just price stability.

Traditional Fed policy treated these goals as secondary. Employment and inflation came first. Everything else was someone else's job , Treasury's job, Commerce Department's job, trade representative's job. Miran's appointment suggests Trump wants the Fed thinking about these issues too.

"I think that this seat is very important to the president," according to sources close to the administration. Important enough to move quickly. Important enough to put someone controversial in the role, even temporarily.

The Federal Reserve has seven governor seats. Trump gets to fill this one now. If any other governors leave during his term, he gets to fill those too. By the end of four years, he could reshape the entire board. That would give him enormous influence over monetary policy for decades.

Miran's appointment is the opening move in that longer game. It signals what kind of Fed governors Trump wants , economists who think about competitiveness, not just inflation. Who consider trade deficits, not just employment statistics. Who see monetary policy as a tool for American economic dominance, not just price stability.

Frequently Asked Questions

Who is Stephen Miran? 

Stephen Miran is the current Chairman of the Council of Economic Advisors and has a Ph.D. in economics from Harvard. He served as an adviser of economic policy for the Treasury Department during Steven Mnuchin's tenure and worked at Hudson Bay Capital Management as a senior strategist.

How long will Miran serve on the Fed board? 

Miran will serve until January 31, 2026, making this a temporary appointment. Trump stated "In the meantime, we will continue to search for a permanent replacement."

What is the Mar-A-Lago Accord? 

The Mar-A-Lago Accord is a controversial plan to devalue the dollar as a way of managing the current account deficit problem for the U.S. Miran co-authored this proposal, which represents a departure from traditional Fed policy thinking.

Why did Adriana Kugler resign? 

Adriana Kugler announced her resignation last week without citing a reason for her departure. Her term was slated to end in January.

Does Miran need Senate confirmation? 

Yes, Miran will ascend to the role following Senate approval. Given Republican control of the Senate, confirmation is expected to proceed smoothly.

What are Miran's views on Fed policy? 

Miran is a past critic of the Fed, specifically its aggressive stimulus actions during the Covid crisis. His appointment comes as the White House continues its pressure campaign to get lower interest rates.