Trump Picks Stephen Miran for Federal Reserve Board

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!”

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.

Powell, 72, has refused to leave voluntarily and cited concern about the effect of Trump’s tariffs as a reason for restraint.

It’s unclear whether Miran’s appointment will meaningfully change the board’s policy, but it will give the president a loyalist with direct access to the Fed’s decision-making processes.

In addition to routine attacks over interest rates, Trump and his allies have blasted Powell for allegedly mismanaging the organization’s resources, citing an ongoing $2.5 billion headquarters renovation project — though the president ruled out citing construction cost overruns as justification to fire Powell for cause.

Interest rates have remained elevated since a surge in inflation under former President Joe Biden in 2022, keeping the cost of borrowing money much higher than during Trump’s first term, depressing the housing market and making it harder for businesses and consumers to take out loans or maintain credit card balances.

Trump last week called on the Fed’s board, which will now comprise three Republicans and three Democrats serving under Powell, to seize control.

“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump wrote on Truth Social Aug. 1. “If he continues to refuse, the board should assume control, and do what everyone knows has to be done!”