Summary
President Trump plans to nominate Stephen Miran, a White House economist, to fill a temporary vacancy on the Federal Reserve's board of governors for six months. This vacancy arose because Adriana Kugler is leaving the board earlier than planned to return to a teaching position.
Key Facts
- President Trump will nominate Stephen Miran for a temporary role on the Federal Reserve board.
- Adriana Kugler is leaving the Fed board six months early for a teaching job.
- The vacancy is for six months until a new 14-year term begins.
- Nominations for the Fed board require Senate approval.
- Trump chooses Miran, who is currently chairman of the White House Council of Economic Advisers.
- Miran also worked in the Treasury Department during Trump's earlier presidency.
- Trump has criticized Fed chairman Jerome Powell for not cutting interest rates enough.
- Powell's term as Fed chairman ends next May, but he can stay on the board until 2028.
