US President Donald Trump said he has selected Stephen Miran, Chairman of the Council of Economic Advisers, to serve on the Federal Reserve Board.
Trump posted on social media, "He has been with me since the beginning of my second term, and his expertise in the economic field is unmatched – he will do an excellent job."
Trump said Miran will only serve the remainder of Adriana Kugler's term as a Federal Reserve Board member, which expires in January. The nomination still requires confirmation by the US Senate.
"In the meantime, we will continue our search for a permanent successor," Trump said.
The Bloomberg Dollar Index erased its daily gains on news of Miran's nomination. The Federal Reserve did not immediately respond to a request for comment.
Miran has been critical of the Fed's performance in recent years. In a March 2024 paper, Miran and Dan Katz, now at the US Treasury Department, proposed a 24-page proposal for Fed reform. The paper argues that the Fed's policy mistakes stem from "groupthink" and criticizes the central bank for overstepping its bounds in political issues that fall outside its mandate.
"The Fed's performance in recent years raises questions about whether it is still operating in accordance with best practices for central bank independence," Miran and Katz wrote in the paper.
They also advocate for a complete separation of the Fed's monetary policy responsibilities from its bank regulatory responsibilities, recommending the removal of the Board of Governors' bank supervisory authority. They believe this reform would "avoid unnecessary contamination of the monetary policy decision-making process."