Will He Make It in Time for the September Policy Meeting?

Analysts point out that Miran’s appointment would not only add another Trump administration official to the Federal Reserve Board but could also bring in another member who supports a rate cut at the Fed’s September policy meeting. Since taking office, Trump has been pressuring Fed Chair Jerome Powell to cut rates, but so far without success. Powell has thus become a frequent target of Trump’s criticism.

Marco Casiraghi, Senior Economist and Strategist at Evercore ISI, stated in a report: "By choosing Miran, Trump is essentially making a stopgap move, buying himself time to make a final decision before January next year. This way, Trump won’t tie his hands and can keep his options open regarding future Fed appointments, especially for the next Fed chair."

However, it’s worth noting that Miran’s appointment still requires Senate approval, and with lawmakers currently on their August recess, it’s unclear how long the process will take. While the nomination hearing will be a top priority for the Senate Banking Committee, lawmakers won’t reconvene until September 9—just one week before the Fed’s policy meeting on September 16-17.

Nevertheless, Senate Banking Committee Chairman Tim Scott praised Miran in a statement as "an accomplished economist" who "has played a key role in providing economic policy advice and advancing a pro-growth agenda as Chairman of the Council of Economic Advisers." Scott said he "looks forward to considering his (Miran’s) nomination as soon as possible."

Paul Ashworth, Chief North America Economist at Capital Economics, called Trump’s decision to nominate Miran a "welcome surprise." He noted that while he doesn’t always agree with Miran’s views, he is a "good choice" and should easily secure Senate confirmation.

Powell’s term as Fed Chair ends in May 2026. Under the Federal Reserve Act, the Fed Chair is nominated by the President and must be selected from among the Board of Governors, with the nomination subject to Senate confirmation. If a U.S. President wants someone to serve as Fed Chair, they typically need to first appoint them as a Fed governor.

The Fed’s monetary policy decisions are made by the Federal Open Market Committee (FOMC). The FOMC consists of 12 members: the seven Fed governors, the president of the New York Fed, and four rotating regional Fed presidents. According to the Federal Reserve Act, Fed governors serve 14-year terms, cannot be reappointed, and one governor is replaced every two years.

Before Powell’s term ends, no other governors’ terms will expire except Kugler’s. If Powell chooses to remain on the Board after his chairmanship ends, the White House’s options for nominating a new chair would be limited to the existing Board members. Therefore, appointing Miran as an interim governor is undoubtedly Trump’s "stopgap measure," paving the way for future nominations—whether for a full 14-year term or even the next Fed Chair.