The appointment gives President Trump a potentially more direct route to pursue his desire for easier monetary policy and sway over the world's most influential central bank.

President Trump said Thursday that he would nominate Stephen Miran, current chair of the president's Council of Economic Advisers, to the Federal Reserve Board of Governors. Miran will replace outgoing governor Adriana Kugler, who is set to step down on Friday. Miran's term will run until Jan. 31, 2026.