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BumRushDaShow

(160,136 posts) Thu Aug 7, 2025, 04:08 PM Aug 7

Trump to nominate Stephen Miran to be new Fed governor, replacing Kugler

Source: CNBC

Published Thu, Aug 7 2025 3:48 PM EDT Updated 4 Min Ago

President Donald Trump on Thursday announced he has selected Stephen Miran, chair of the Council of Economic Advisors, to serve on the Federal Reserve Board of Governors, replacing Adriana Kugler, who resigned Friday. The nominee will serve out Kugler’s term, which expires Jan. 31, 2026.

“In the meantime, we will continue to search for a permanent replacement,” Trump said in a Truth Social post, indicating that the nominee for the full 14-year term on the board could be someone else and Miran may just be in a caretaker role. “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,” Trump added. “Congratulations Stephen!”

Miran’s appointment comes amid continuing speculation that Trump would seek to nominate a “shadow chair” whose job it would be mainly to act as a gadfly on the board. The president has been pushing for sharply lower interest rates. Miran is a past critic of the Fed, specifically its aggressive stimulus actions during the Covid crisis.

In addition, he is the author of the controversial “Mar-A-Lago Accord,” a plan to devalue the dollar as a way of managing the current account deficit problem for the U.S.

Read more: https://www.cnbc.com/2025/08/07/trump-to-nominate-stephen-miran-to-be-new-fed-governor-replacing-kugler-.html

3 replies

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Trump to nominate Stephen Miran to be new Fed governor, replacing Kugler (Original Post) BumRushDaShow Aug 7 OP

And he could have had mahatmakanejeeves bucolic_frolic Aug 7 #1

LOL BumRushDaShow Aug 7 #2

President Trump gets to nominate a new Fed governor. What does that mean? CousinIT Aug 7 #3

bucolic_frolic

(52,399 posts)

1. And he could have had mahatmakanejeeves

Reply to BumRushDaShow (Original post)

Thu Aug 7, 2025, 04:10 PM

Aug 7

What a disappointment Trump is. One fail after another.

BumRushDaShow

(160,136 posts)

2. LOL

Reply to bucolic_frolic (Reply #1)

Thu Aug 7, 2025, 04:25 PM

Aug 7

CousinIT

(11,858 posts)

3. President Trump gets to nominate a new Fed governor. What does that mean?

Reply to BumRushDaShow (Original post)

Thu Aug 7, 2025, 04:48 PM

Aug 7

Marketplace has a story on this. Commentary from Sarah Bloom Raskin (Jamie Raskin's wife):

https://www.marketplace.org/story/2025/08/04/president-trump-gets-to-nominate-a-new-fed-governor

Last week, Adriana Kugler, one of the seven members of the Federal Reserve Board of Governors, announced her resignation. That means that President Donald Trump will have the opportunity to nominate a new member, who will then face the U.S. Senate for confirmation.

The members of the Federal Reserve’s Board of Governors sit on the Federal Open Market Committee, which votes on interest rates. Their terms are 14 years long — longer than three presidential election cycles.

“And that’s intentional because the idea here is that you want a group of people who can try to actually see around the corners and have a long-term perspective,” said Sarah Bloom Raskin, who was a member of the Board of Governors from 2010-2014. “The idea is you would, you will have a longer perspective, because you are not going to necessarily be replaced with the political cycle.”

In reality, very few Fed Governors actually serve a full fourteen years. When a Governor steps down early, the president nominates somebody new to fill the remainder of that fourteen years and the Senate has a chance to confirm or deny. . . .

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