President Donald Trump recently nominated one of his economic advisers to the Federal Reserve’s top ranks, but his next choice will be far more consequential — and it’s already taking shape.

By Howard Schneider WASHINGTON (Reuters) -Having railed against the "revolving door" between the executive branch and the U.S. Federal Reserve, Council of Economic Advisers Chair Stephen Miran may now be walking through it after President Donald Trump nominated him to the Board of Governors of an institution Miran would like to radically overhaul.

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.