Federal Reserve Governor Miran Resigns from Role at the White House

WASHINGTON – In a move that marks the end of a contentious dual-role tenure, Federal Reserve governor Stephen Miran has resigned from his position as chair of the White House’s Council of Economic Advisers (CEA). This decision concludes an unusual arrangement where he simultaneously held significant roles in both institutions.

The confirmation of Miran’s resignation came late Tuesday, delivered by White House spokesperson Kush Desai. His departure resolves a scenario that had stirred debate due to its rarity and potential conflicts of interest.

Stephen Miran’s journey to these prominent positions began in September, when former President Donald Trump appointed him to the Federal Reserve’s seven-member board of governors. This appointment came after the sudden resignation of Adriana Kugler, who had been appointed by President Joe Biden. Miran completed Kugler’s term, which concluded on January 31, but he remains eligible to serve on the Fed’s board until a successor is confirmed by the Senate.

The dual role held by Miran was atypical, as the position of a Fed governor is traditionally nonpartisan. Historically, individuals appointed from the White House to the Fed have relinquished their previous roles, underscoring the separation between political and monetary institutions. Miran, however, chose an unpaid leave of absence from his CEA duties rather than an outright resignation.

Upon his appointment in September, Miran stated his intent to resign from the CEA if he continued on the Fed board beyond January 31. The responsibilities as a Fed governor, which include voting on crucial matters such as interest rates and banking regulations, necessitated this step to maintain the integrity of his role.

“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.

The move underscores the intrigue around the Fed and its upcoming personnel changes. Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed chair Jerome Powell, whose term atop the central bank ends May 15.

Yet Powell could, under a quirk in the Fed’s structure, remain on the board after his term as chair ends and deny Trump the opportunity to fill another seat. Many observers, as result, expect Warsh to take Miran’s seat and then be elevated to replace Powell in May, but that sequence of events hasn’t yet been confirmed.