Trump’s Appointees Could Rule the Fed for Decades

By Lily Boyce and Christine Zhang

Aug. 26, 2025

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Appointed to Federal Reserve Board by

Donald Trump

Joe Biden

Barack Obama

Powell

Miran

Bowman

Waller

Jefferson

Barr

Cook

2029

End of Trump’s presidency

Note: Powell was appointed as governor by Obama and nominated as chair by Trump.

When President Trump took office in 2025, just two of the seven seats on the Federal Reserve’s Board of Governors were held by his appointees. He had also elevated Jerome H. Powell to the chair position during his first term.

Lisa D.

Cook

Adriana

D. Kugler

Michael

S. Barr

Jerome

H. Powell

Philip N.

Jefferson

Michelle

W. Bowman

Christopher

J. Waller

Christopher

J. Waller

Michelle

W. Bowman

Michael

S. Barr

Philip

N. Jefferson

Adriana

D. Kugler

Jerome

H. Powell

Lisa

D. Cook

Note: Powell was appointed as governor by Obama and nominated as chair by Trump.

A seat opened up earlier this month when a Biden appointee stepped down. And on Monday, Mr. Trump announced that he was planning to fire another Biden-appointed member of the board. If he succeeds, a majority of the Federal Reserve Board will have been appointed by Mr. Trump.

Trump’s

nominEE

Stephen

Miran

ATTEMPTED

REMOVAL

AUG. 25

Resigned

Aug. 1

Lisa D.

Cook

Adriana

D. Kugler

Michael

S. Barr

Jerome

H. Powell

Philip N.

Jefferson

Michelle

W. Bowman

Christopher

J. Waller

She plans

to appeal

Christopher

J. Waller

Trump’s

nominEE

Stephen

Miran

Michelle

W. Bowman

Michael

S. Barr

Philip

N. Jefferson

RESIGNED

AUG. 1

Jerome

H. Powell

Adriana

D. Kugler

ATTEMPTED REMOVAL

AUG. 25

Lisa D. Cook - She plans to appeal

Notes: Kugler announced her resignation Aug. 1, and it took effect Aug. 8.

Mr. Trump has made no secret of his desire to reshape the top ranks of the Fed, repeatedly lashing out at Mr. Powell and his colleagues for keeping interest rates too high.

Mr. Trump’s first opportunity to remake the Fed roster came sooner than expected with the resignation of Adriana D. Kugler. He is working to create another with the firing of Lisa D. Cook over allegations of mortgage fraud. Fed governors can be fired only “for cause,” generally understood to mean gross misconduct.

Ms. Cook, who has not been charged with wrongdoing or convicted of a crime, said she would not leave, and her lawyer said she would sue to challenge the dismissal. In a statement, a spokesman for the Fed emphasized the central bank’s independence but said it would “abide by any court decision.”

If Mr. Trump succeeds in removing Ms. Cook, he will be able to appoint another governor to serve out her term, which ends in January 2038.

Mr. Trump has already nominated Stephen Miran, his top economic adviser, to serve out Ms. Kugler’s term.

With Cook’s dismissal, Trump-appointed board members could soon be a majority at the Fed

2029

End of Trump’s presidency

Jerome H. Powell

Jan. 31, 2042

Powell’s term as chair expires May 15, 2026. He can then stay on as governor until Jan. 31, 2028. The next governor appointee’s term would end Jan. 31, 2042.

Stephen Miran

Jan. 31, 2040

Miran, if confirmed, would serve a temporary term expiring Jan. 31, 2026. At that time, Trump can renominate him or nominate another governor for a 14-year term ending in January 2040.

Michelle W. Bowman

Jan. 31, 2034

Christopher J. Waller

Jan. 31, 2030

Lisa D. Cook if she is not removed

Jan. 31, 2038

Philip N. Jefferson

Jan. 31, 2036

Michael S. Barr

Jan. 31, 2032

End of Trump’s presidency

2029

Jerome H. Powell

Jan. 31, 2042

Powell’s term as Chair expires May 15, 2026. He can then stay on as governor until Jan. 31, 2028. The next governor appointee’s term would end Jan. 31, 2042.

Stephen Miran

Jan. 31, 2040

Miran, if confirmed, would serve a temporary term expiring Jan. 31, 2026. At that time, Trump can renominate him or nominate another governor for a 14-year term ending in January 2040.

Michelle W. Bowman

Jan. 31, 2034

Christopher J. Waller

Jan. 31, 2030

Lisa D. Cook if she is not removed

Jan. 31, 2038

Philip N. Jefferson

Jan. 31, 2036

Michael S. Barr

Jan. 31, 2032

Presidents appoint Fed governors to staggered 14-year terms, meaning one term expires every two years. The structure is meant to safeguard the Fed’s independence, preventing a president from packing the board and ensuring the Fed governors can consider a longer-term horizon than Congress or the president.

“The idea is that you can do something for the long-term health of the country that could be a short-term political loss,” said Aaron Klein, a senior fellow at the Brookings Institution.

In reality, most do not serve out the full 14 years, and previous presidents have had the opportunity to appoint multiple board members.

But in the past, board nominations were relatively nonpartisan, Mr. Klein said.

“Governors were routinely nominated by one party and renominated by the other,” he said, pointing to Mr. Powell as an example. Mr. Powell, a registered Republican, was appointed to the board by President Barack Obama, nominated as chair by Mr. Trump and renominated by President Joseph R. Biden Jr.

But this time, Mr. Klein said, Mr. Trump is seeking to install loyalists who favor his economic policies. “What is unique is that these are governors who are likely to do what Trump says, and if not, he’ll fire them.” Mr. Klein added that Mr. Trump’s actions, if allowed to proceed, would “eviscerate” the principle of central bank independence.

Mr. Trump’s nominees would need to be confirmed by the Senate, which is back in session Sept. 2 — in time for the Fed’s next rate-setting meeting Sept. 16-17.

During last month’s meeting, Christopher J. Waller and Michelle W. Bowman, both Trump appointees, voted against the central bank’s decision to leave interest rates unchanged, preferring instead to cut rates.

In a twist of timing, Mr. Powell just last week gave his strongest indication yet that the central bank was ready to resume rate cuts as soon as September.

Another key opportunity to reshape the board will arise in May, when Mr. Powell’s term as chair is set to expire. He can then stay on as governor until January 2028. That would be atypical; most of the time, Fed chairs step down to avoid undercutting the authority of the new chair. Mr. Powell has declined to share his plans.

The power of the Federal Reserve Board goes beyond voting on rates. Members also approve and reappoint the Fed’s regional presidents, who are responsible for financial regulation in their region, including funding for bailouts. In February, all 12 presidents’ terms will expire, and they will need to be reappointed by the board.

What is typically a pro forma matter could provide Mr. Trump with another opportunity to overhaul the Fed system, Mr. Klein said.

“A Trump-loyal Board of Governors could get rid of them all,” he said.

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