NEW YORK - US President Donald Trump announced Thursday he had chosen Stephen Miran, chair of the Council of Economic Advisers, to serve in the just vacated seat on the Federal Reserve Board until Jan. 31, 2026.

Meanwhile, the Trump administration will continue to search for a permanent replacement to the vacancy left by Fed Governor Adriana Kugler, whose resignation will be effective on Aug. 8.

Miran is seen as one of the key advisers in shaping US trade policies in Trump's second term. He served as an adviser of economic policy for the US Department of the Treasury from 2020 to 2021.

The Board of Governors of the Federal Reserve System is designed to have seven members, who are nominated by the US president and confirmed by the Senate.