U.S. President Donald Trump announced the appointment of Stephen Miran to the vacant position on the Board of Governors of the Federal Reserve System (Fed) following the dismissal of Adriana Kugler. It is known that Miran holds pro-cryptocurrency views and advocates for a loosening of the Fed’s monetary policy.
This is reported by Business • Media
Miran’s Position and Impact on Fed Policy
- Stephen Miran has previously called for increased oversight of the Fed by the presidential administration.
- Experts believe that his appointment could pave the way for a reduction in the key interest rate in the U.S.
Miran will serve as a member of the Board of Governors until January 31, 2026, while the president’s administration continues to search for a permanent candidate as well as a new Fed chair, as Jerome Powell’s term ends in May 2026. According to media reports, the main contender for the Fed chair position from Trump’s team is Christopher Waller.
Donald Trump has repeatedly criticized the current leadership of the Fed and Jerome Powell for delaying the interest rate cut, considering it necessary to stimulate the U.S. economy. Most recently, the Fed kept the rate unchanged for the fifth consecutive time, and experts predict that the presence of Trump-aligned politicians in leadership will significantly influence the regulator’s future course.
“It is a great honor for me to announce that I have chosen Dr. Stephen Miran, the current chair of the Council of Economic Advisers, for the vacant position on the Board of Governors of the Federal Reserve System,” Trump stated in a post on his Truth Social page.
Market Reaction and Political Context
So far, Miran’s candidacy must be confirmed by the U.S. Senate after hearings in the Banking Committee. This raises doubts about how much time he will have to implement his initiatives and whether he can significantly influence Fed policy. At the same time, even before the hearings, Miran has already faced criticism from Senator Elizabeth Warren, who is known for her negative stance on cryptocurrencies. She stated her intention to find out whether Miran will act in the interests of the American people or of Donald Trump personally.
It is worth noting that the mere fact of appointing a pro-cryptocurrency politician to the Fed Board has already impacted financial markets. Following the news of the appointment, the price of Bitcoin rose above $117,600 but later retraced, unable to maintain the gains.
The next Fed meeting regarding the interest rate is scheduled for September 16-17, 2025. According to the CME exchange forecast, the probability of a rate cut is estimated at nearly 90%.