Trump taps White House economist Stephen Miran to fill Fed vacancy on temporary basis

President Trump plans to nominate White House economist Stephen Miran to fill a six-month vacancy on the Federal Reserve’s board of governors.

In a post on social media, Trump said he wants Miran to fill the board seat being vacated by Adriana Kugler, whose term expires at the end of January. Kugler announced last week she’s leaving the Fed six months early to return to a teaching post at Georgetown University.

Trump said he will continue to search for a nominee to fill a new, 14-year term on the Fed board that begins early next year. The nominations are subject to Senate confirmation.

Miran currently serves as chairman of the White House Council of Economic Advisers. He also held a post in the Treasury Department during Trump’s first term as president.

Kugler’s departure gives Trump his first opening to shape the seven-member governing board at the Fed since returning to the White House. Trump has criticized Fed chairman Jerome Powell and his colleagues for not moving more aggressively to cut interest rates.

Powell’s term as Fed chairman ends next May, although his term on the governing board runs through 2028. Powell has not said whether he plans to remain on the board once he steps down as chair.