OAN Staff Abril Elfi
5:08 PM – Thursday, August 7, 2025
President Donald Trump has appointed economist Stephen Miran to serve on the Federal Reserve Board of Governors.
Miran is an American economist with a BA in economics, philosophy, and mathematics from Boston University (2005), magna cum laude, and a PhD in Economics from Harvard University (2010).
On Thursday, Trump announced that Miran, the chair of the Council of Economic Advisors, would replace Adriana Kugler, who resigned on Friday.
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Miran will serve out Kugler’s term, which expires on January 31, 2026.
“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!”
Trump has continuously criticized Federal Reserve Chairman Jerome Powell, whose term ends in May, for refusing to cut interest rates this year.
Meanwhile, Powell, 72, has declined to step down voluntarily, citing concerns about the potential impact of Trump’s tariffs as a reason for caution.
However, several leading economists, including Torsten Sløkand, argue that the tariffs are generating an unprecedented surge of revenue for the U.S. economy. Sløk also suggested that the GOP administration’s approach may be far more calculated than what he and others initially believed.
“…Maybe the administration has outsmarted all of us,” he said in June this year.
Although it’s still uncertain whether Miran’s appointment will significantly alter the board’s policy, it will at least provide the president with an ally who has direct access to the Fed’s decision-making procedures.
Last week, Trump called on the Federal Reserve Board—now evenly composed of three Republicans and three Democrats under Chairman Powell’s leadership—to assert greater control.
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