On August 7, President Trump announced via social media that he intended to nominate Stephen Miran to fill the Fed seat previously held by Governor Adriana Kugler, who resigned effective August 8. Kugler was appointed in 2023 by President Biden, with her term set to expire January 31, 2026. Miran is expected to finish out Kugler’s term, but President Trump did not rule out the potential for selecting a different nominee for the full 14-year term following the conclusion of Miran’s appointment at the end of January.