Trump announces elections to fill vital U.S. Federal Reserve seats

Update (8:33 pm, August 7): This article has been updated to reflect Donald Trump’s statement that he will nominate Stephen Miran as the Federal Reserve Committee.

U.S. President Donald Trump said he would nominate Economic Advisory Board Chairman Stephen Miran to temporarily replace Fed Council member Adriana Kugler after it takes effect on Friday.

In a social media post on Friday, Trump said Milan will serve in the Federal Reserve until January 31, 2026 as the White House will “continue to find permanent replacements.” It is reported that the president has Weighing Economic adviser Kevin Hassett, former Fed Governor Kevin Warsh and two others replaced Kugler at the end of the weekend.

The next federal board member will have a significant impact on the country’s monetary policy, including federal interest rates. Nominations that must be approved by the Senate Follow Kugler’s resignation On August 1, there was no reason to leave her.

Hassett, who is also the director of the National Economic Commission under Trump, revealed that as of June, he owned a stake in Coinbase Global worth between $1 million and $5 million. According to reports explain The blockchain technology can benefit the U.S. central bank through its payment system.

https://www.youtube.com/watch?v=gu3jr-ddtke

Related: Trump signs executive order to punish financial institutions for “revocation”: Report

Interest rates affect the U.S. market, including digital assets?

Trump clashed with Fed Chairman Jerome Powell, who was nominated during his first term. The president has been openly challenging the Fed’s independence in determining federal interest rates.