Washington: US President Donald Trump announced his intention to nominate Stephen Miran, Chair of the White House Council of Economic Advisers, to the US Federal Reserve Board of Governors. Miran is set to replace Adriana Kugler, who is stepping down this Friday.
According to Qatar News Agency, Miran's term would extend until January 31, 2026, pending Senate confirmation. Trump also mentioned that the White House continues its search for a candidate to fill a separate 14-year Federal Reserve board seat, which will become vacant on February 1.
Trump expressed confidence in Miran's capabilities, stating, "His expertise in the world of economics is unparalleled -- he will do an outstanding job," in a post on Truth Social. Kugler's resignation ahead of her term's end is viewed by analysts as a potential catalyst for accelerating the selection process for a successor to Jerome Powell, the current Federal Reserve Chair, whose term concludes in May.
Trump has consistently criticized Powell and expressed intentions to remove him, arguing that the current interest rates are excessively high. Trump believes these rates hinder investment growth and prevent the US economy from regaining its previous momentum.