Trump announces Stephen Miran as pick for Federal Reserve board as speculation swirls
By Carly Ortiz-Lytle
WASHINGTON — President Trump appointed one of his top economic advisers to serve on the Federal Reserve Board of Governors Thursday — after months of pressuring Fed Chairman Jerome Powell to resign or demanding the board stage a coup to lower interest rates.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump said in a statement.
“In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!”
Stephen Miran, Chair of the Council of Economic Advisers, outside the White House.
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President Trump appointed Stephen Miran to serve on the Federal Reserve Board of Governors.
Aaron Schwartz/UPI/Shutterstock
Miran will replace Adriana Kugler, an appointee of former President Joe Biden, on the seven-member panel headed by Powell.
Trump, 79, has excoriated Powell, whose term ends in May, for refusing to lower interest rates this year, despite inflation remaining below 3% — near the central bank’s 2% target.
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President Trump and Jerome Powell wearing hard hats.
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Miran is one of Trump’s top economic advisers.
AP
Jerome Powell at a press conference.
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Fed Chairman Jerome Powell, 72, has refused to step down from his position amid citing concern about how Trump’s tariffs could affect the U.S. economy.
REUTERS
Powell, 72, has refused to leave voluntarily and cited concern about the effect of Trump’s tariffs as a reason for restraint.
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