The position, which comes with a spot on the interest rate-setting Federal Open Market Committee, comes after Fed Gov. Adriana Kugler resigned early.

President Trump on Thursday said he would nominate Council of Economic Advisers head Stephen Miran to fill a vacant seat on the Federal Reserve Board of Governors. Why it matters: The pick comes as the White House continues its pressure campaign to get lower interest rates.

Miran has emerged as a vocal defender of Trump's economic agenda, particularly the 2025 tax cuts and the broad tariff regime.