Trump designates interim appointment for Federal Reserve position; ongoing search for permanent nominee
In a recent development, former senior economic advisor to President Trump, Stephen Moore, discussed the termination and the selection of Miran on 'The Bottom Line.' This announcement comes as President Trump has the opportunity to install a new Federal Reserve Governor due to the resignation of Adriana Kugler.
The Federal Reserve Board of Governors, often referred to as the Fed Board, is composed of seven members. Each member is nominated by the president and confirmed by the Senate. In this case, Donald Trump announced the selection of Stephen Miran to join the Federal Reserve Board of Governors.
Stephen Miran, who holds a Ph.D. in economics from Harvard, is currently the Chairman of the Council of Economic Advisers. His selection follows the termination of the Bureau of Labor Statistics commissioner.
Meanwhile, the current leading candidates to succeed Jerome Powell as Federal Reserve Chair include the Fed’s two vice chairs, Michelle Bowman and Philip Jefferson, as well as Dallas Fed President Lorie Logan. However, no information has been provided about a new candidate for the position of Federal Reserve Chair.
Jerome Powell, who was appointed to his role by Donald Trump in 2017, has kept the central bank's key borrowing rate within a range of 4.25% to 4.5%. He has also kept the federal funds target rate unchanged following the last Federal Open Market Committee meeting.
Trump has repeatedly urged Powell to lower the federal funds target rate, but the two have been in conflict over Federal Reserve policy in recent months. Trump's selection of Miran is anticipated to eventually succeed Powell as Federal Reserve Chair, but this is pending Senate approval.
It is worth noting that this is the fifth time in 2019 that the Fed has held the interest rates steady. No information has been provided about a permanent replacement for Adriana Kugler on the Federal Reserve Board of Governors or a permanent replacement for Powell as Federal Reserve Chair.
References: [1] Source for more information on the selection process for the Federal Reserve Chair.
- Stephen Miran, nominated by President Trump and confirmed by the Senate, is expected to join the Federal Reserve Board of Governors, replacing Adriana Kugler who recently resigned.
- As the selection of a new Federal Reserve Chair is yet to be announced, Stephen Miran, with his Ph.D. in economics from Harvard and current role as Chairman of the Council of Economic Advisers, is anticipated to potentially succeed Jerome Powell, especially considering Trump's recent decision.
- The economic landscape may experience changes soon, as discussions about interest rates, funds, and monetary policies in the context of policy-and-legislation, politics, and general-news will likely intensify, given the expected change in Fed leadership.
