In a move that’s sending shockwaves through financial markets, former President Donald Trump has appointed his longtime economic aide Stephen Miran to the Federal Reserve Board of Governors. The announcement, made in August 2025, places the Harvard-educated economist in a temporary role set to conclude on January 31, 2026.
Miran, who holds a Ph.D. from Harvard and previously chaired the White House Council of Economic Advisers, steps into the vacancy created by Governor Adriana Kugler‘s resignation. Trump reportedly called the departure “a pleasant surprise.” No kidding.
This appointment gives Trump direct influence over the central bank’s leadership. The seven-member Board of Governors, all presidentially appointed and Senate-confirmed, now includes a vocal defender of Trump’s economic policies. As a proponent of decentralized finance, Miran advocates for integrating blockchain-based financial innovations into traditional banking systems.
Miran has publicly supported the administration’s tax cuts and tariff increases. He’s also a known crypto enthusiast.
The timing couldn’t be more strategic. Trump has repeatedly clashed with Fed Chair Jerome Powell, even calling him “a stubborn MORON” on social media for resisting interest rate cuts.
Subtle, right?
Trump’s administration argues that lowering the federal funds target rate would reduce borrowing costs, potentially saving “hundreds of billions of dollars.”
Miran’s appointment appears designed to nudge the Fed toward this position.
Market watchers speculate this temporary role could position Miran to succeed Powell when his term expires in May 2026.
Trump has indicated he’s still searching for a permanent appointee, keeping everyone guessing. This search continues as Trump seeks candidates aligned with his agenda who will support his economic priorities.
The appointment requires Senate confirmation, though the process for temporary appointments remains unclear.
What is clear: Trump’s using this opportunity to realign Fed policy with his priorities—growth, lower rates, and crypto-friendly regulations.
For a central bank that prides itself on independence, Miran’s arrival signals changing times.
His history of defending tariffs might even influence how the Fed views trade-related inflation.
The Fed’s recent decision to keep rates unchanged for five meetings has been a particular point of contention between Trump and Powell.
The markets are watching.
Closely.
And nervously.
