White House officials are preparing for President Donald Trump to nominate Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor, according to a person familiar with the search.

Miran, the chair of the White House’s Council of Economic Advisers, has been a major defender of the president's income tax cuts and tariff hikes.

President Trump on Thursday said he would nominate Council of Economic Advisers head Stephen Miran to fill a vacant seat on the Federal Reserve Board of Governors. Why it matters: The pick comes as the White House continues its pressure campaign to get lower interest rates.