"The main threat to the Fed independence is not politically motivated turnover shifting the outcome of votes."

Stephen I. Miran may spend only a few months on the central bank’s board of governors, but in that time he can influence the discussions around interest rates and who will become the institution’s next leader.

Trump nominated Miran on Thursday to complete Kugler’s term, which expires on Jan. 31. Trump has been demanding that Chair Jerome Powell and his Fed colleagues lower rates. He has said the Fed’s policy rate should be at 1%,