Miran can stay in his role as the Fed’s board of governors until a successor is confirmed. He had been on unpaid leave from the CEA since US President Donald Trump chose him to fill an unexpected vacancy on the Fed’s board of governors for a term that expired on January 31.
His resignation was announced by White House spokesman Kush Desai. “In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers,” Desai said in a statement.
Desai commended Miran as an “enormous asset for the White House” and a key member of the Trump administration’s economic team.“Prior to the start of Stephen’s leave last September, his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team,” he was quoted as saying by CNBC.
Miran stated that he had been legally instructed that there was no need to resign from his CEA position because the Fed role would only last a few months.
In his resignation letter, he said, “I promised the Senate that if I should stay on the Board past January, I would formally depart the Council. I believe it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and the Senate appointed me,” Reuters reported.
Since joining the Federal Reserve, Miran has consistently advocated for aggressive interest rate cuts.
Earlier on Friday, Trump nominated Fed Governor Kevin Warsh as the next chair of the central bank. He is set to succeed Jerome Powell, whose term as chair expires in May 2026.
