Former President Donald Trump has nominated Stephen Miran, the current Chair of the Council of Economic Advisers (CEA), to the Board of Governors of the Federal Reserve. This move follows last week’s announcement that Fed Governor Adriana Kugler intends to step down five months before her term ends, opening the door for a new appointment.

Miran, an accomplished economist with a Harvard Ph.D., brings substantial experience to the role. He previously served as a senior adviser at the Treasury Department during Trump’s first term and played a key part in shaping economic policy at the CEA. His nomination signals the administration’s ongoing focus on promoting a pro-growth agenda and urging the Federal Reserve toward greater transparency and accountability.

Importantly, Miran is set to serve only the remainder of Kugler’s term, which ends on January 31. While there was early speculation that Trump’s pick might potentially become the next Fed chair, the current plan is for Miran to act as an interim governor while the White House searches for a permanent appointee.

The nomination comes at a time when the administration continues to put pressure on the Fed to lower interest rates in an attempt to stimulate economic growth. As Miran awaits the Senate Banking Committee’s consideration of his nomination, market watchers and policymakers are keen to see how quickly he will be able to assume the position and what immediate impact he might have on the Fed’s direction.

With this new appointment, Trump aims to ensure that the Federal Reserve stays closely aligned with his economic priorities, at least for the remainder of the current term. The ongoing search for a long-term replacement highlights the significance of the Federal Reserve’s board composition for future economic policy decisions.