Summary
President Donald Trump plans to nominate Stephen Miran as a temporary member of the Federal Reserve Board. Miran will fill a vacancy for four months following the departure of a Biden appointee, with the Senate needing to confirm his appointment. Trump aims to have a nominee who aligns with his economic views.
Key Facts
- Stephen Miran is nominated to temporarily fill a vacancy on the Federal Reserve Board.
- The vacancy was created by Adriana Kugler stepping down from the board.
- Miran has previously served as an economic adviser in the Treasury Department during Trump's first term.
- Miran supports a reformation of the Federal Reserve, including shortening board member terms.
- The nomination requires Senate confirmation, and the Senate is on recess until September 2.
- Trump has criticized current Fed Chair Jerome Powell for not lowering interest rates.
- Miran supports Trump's tax cuts and tariffs, believing they will boost economic growth.
- The term for the seat expires on January 31, 2026.
