Federal Reserve Governor Stephen Miran has submitted his resignation, effective when or just before Kevin Warsh officially assumes the role of Chair. Miran joined the Federal Reserve Board last September, filling the unexpired term of Adriana Kugler, who resigned abruptly in August 2025. Since taking office, Miran has been a vocal dissenting member of the Federal Open Market Committee (FOMC), voting against key rate changes in all six meetings he attended.
In his resignation letter, Miran reflected on his tenure as the "highest honor of my life" and expressed optimism for the future under Warsh, who was confirmed by the Senate earlier this week. Before joining the Federal Reserve, Miran served as the chair of the Council of Economic Advisers, and he has consistently advocated for a reduction in interest rates. Throughout 2025, he notably opposed three quarter-percentage-point rate cuts approved by the FOMC and favored more gradual quarter-point reductions.
Miran has called for a more forward-looking approach to monetary policy, urging the Fed to account better for nonmonetary factors that impact economic conditions. He also endorsed recent regulatory rollbacks for banks and has contributed research recommending that the central bank reduce its balance sheet, which currently totals $6.7 trillion in assets.
Miran’s departure opens a new chapter for the Federal Reserve as it prepares for changes under Warsh, with an emphasis on refining communication strategies and maintaining a focus on the Fed’s core mandate.
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