Trump Appoints Stephen Milan to Federal Reserve

President Donald Trump has named economist Stephen Milan to the Federal Reserve, filling a recent vacancy.

Milan, who earned his doctorate in economics, previously served as the chairman of the Economic Advisory Council. He completed his bachelor’s degree in economics, philosophy, and mathematics at Boston University in 2005 and obtained his PhD from Harvard in 2010.

This appointment comes after Adriana Kugler resigned from her position last Friday. Milan will complete Kugler’s term, which is set to expire on January 31, 2026.

“I am pleased to announce that Dr. Stephen Milan, the current chairman of the Council of Economic Advisors, will take the recently vacated seat of the Federal Reserve until January 31, 2026,” Trump stated.

He added, “In the meantime, we will continue to search for a permanent replacement. Stephen is highly qualified, having earned his PhD in Economics from Harvard, where he distinguished himself during my first term.”

Trump has continued to voice his dissatisfaction with Jerome Powell, the current Chairman of the Federal Reserve, who opted not to resign back in May. Powell’s reluctance was primarily due to concerns about the implications of Trump’s tariffs.

In spite of this, some economists like Torsten Sløk have argued that these tariffs are actually resulting in significant revenue boosts for the U.S. economy. Sløk has even suggested that the government’s approach might be more strategic than initially thought.

“Perhaps this administration has outsmarted us all,” he commented back in June.

While it remains uncertain whether Milan’s appointment will lead to noticeable changes in the board’s policies, it does position him as a supporter of the president with direct insight into the Fed’s decision-making processes.

Recently, Trump urged the Federal Reserve Committee to strengthen its control, which currently consists of an equal number of Republicans and Democrats under Powell’s leadership.