Federal Reserve Governor Stephen Miran Resigns Ahead of Kevin Warsh's Swearing-In
Stephen Miran resigns from the Federal Reserve Board, paving the way for Kevin Warsh's upcoming leadership.
Federal Reserve Governor Stephen I. Miran has submitted his resignation, effective upon the swearing-in of his successor, Kevin Warsh. Miran, who joined the Board in September 2025, filled an unexpired term ending January 31, 2026. Prior to his tenure at the Fed, he served as chairman of the Council of Economic Advisers under President Donald J. Trump and held positions at Hudson Bay Capital Management and the Manhattan Institute for Policy Research.
In his resignation letter, Miran criticized the Fed's approach to measuring inflation, stating that if the central bank "doesn't adjust for these errors, it will run unemployment higher than it has to, fighting fake rather than real inflation." He expressed support for the changes Warsh plans to implement, including reforms to the Fed's communications and balance sheet policies.
Miran initially took unpaid leave from his White House role upon joining the Fed and resigned from that position in February. Known for his dovish stance, he consistently voted for interest-rate cuts during his tenure, often dissenting to advocate for more substantial reductions than his colleagues agreed upon.
The Senate confirmed Kevin Warsh as the new Federal Reserve Chair on May 13, 2026, with a 54-45 vote. Warsh, who previously served as a Fed governor from 2006 to 2011, is expected to lead the central bank through a period of economic uncertainty marked by rising inflation and political pressures.