Miran has been a major defender of Trump’s income tax cuts and tariff hikes. He also has played down the risk of Trump’s tariffs generating higher inflation.

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

Stephen Miran has been serving as the Chairman of the Council of Economic Advisors. Trump said he would only serve at the Fed until January 2026.