Federal Reserve Governor Stephen Miran Resigns Ahead of Kevin Warsh's Appointment as Chair
Stephen Miran has resigned from the Federal Reserve Board, effective upon Kevin Warsh's swearing-in as Chair, expressing confidence in Warsh's leadership.
Federal Reserve Governor Stephen Miran has submitted his resignation, effective upon the swearing-in of incoming Chair Kevin Warsh. Miran, who joined the Board in September 2025 to complete an unexpired term, has been a dissenting voice on the Federal Open Market Committee, consistently voting against recent rate decisions. In his resignation letter, Miran described his tenure as "the highest honor of my life" and expressed confidence in Warsh's leadership. He highlighted his support for potential changes under Warsh, including adjustments to communications and balance sheet policies, and emphasized the importance of the Federal Reserve focusing on its core mandate, avoiding involvement in political and cultural issues. Miran also advocated for a forward-looking approach to monetary policy, considering factors such as demographic shifts and deregulation as disinflationary forces. He supported initiatives to reduce regulatory barriers for banks and research aimed at shrinking the Fed's balance sheet, which currently holds $6.7 trillion in assets.