President Donald Trump appointed Dr. Stephen Miran, one of his top economic advisers, as the future replacement to Federal Serve Board of Governors Chairman Jerome Powell in a statement shared on his Truth Social account Thursday (August 7).

"It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!"

Trump's confirmation came two days after he ruled out Treasury Secretary Scott Bessent for the position.

“I love Scott, but he wants to stay where he is,” Trump told CNBC's Squawk Box on Tuesday (August 5). “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”

“He’s doing a really good job. We made the greatest trade deals in the history of our country. We had to because we were being ripped off by the world,” he added of Bessent.

Bessent had long been considered to be a possible successor to Federal Reserve Chair Jerome Powell once Powell's term ends in May 2026. Trump has dissented from Powell for his reluctance to slash interest lates, describing him as "too late" and highly political," however, not firing him prior to the conclusion of his term.

“In the end, there are numerous people that are qualified. Everyone on your phone right now, in terms of at your beautiful studio would be very qualified in my opinion,” Trump said about replacing Powell. “You guys are better than most of the people that do it for a living.”

Powell, a Republican, was initially nominated by Trump during his first presidential term in 2017 and re-nominated by former President Joe Biden in 2021.