Federal Reserve Governor Stephen I. Miran submitted his resignation on Thursday, effective when or shortly before his successor, Kevin Warsh, is sworn into office. The resignation concludes a brief tenure marked by consistent dissenting votes on the Federal Open Market Committee (FOMC).
Resignation and Timeline
Miran, who joined the Federal Reserve Board on September 16, 2025, to fill an unexpired term ending January 31, 2026, announced his departure in a resignation letter. His exit was anticipated, as his board seat will be filled by Kevin Warsh, who received Senate confirmation as Chair on Wednesday. Warsh’s swearing-in is expected soon after current Chair Jerome Powell's term ends on Friday.
Prior to his Fed appointment, Miran served as chair of the Council of Economic Advisers under President Donald J. Trump.
Tenure and Voting Record
During his time on the Board, Miran served as a dissenting member on the FOMC. He voted "no" at each of the six meetings he attended.
- 2025: He opposed three quarter-percentage-point rate cuts approved by the FOMC, advocating for larger reductions.
- 2026: He voted against three decisions to hold rates steady, favoring quarter-point cuts instead.
Stated Reasons for Dissent
In his resignation letter, Miran stated he pushed for lower interest rates and a more forward-looking monetary policy approach. He cited the impact of lower population growth and immigration on employment and argued that deregulation is a disinflationary force. He stated that "given monetary policy lags, policymaking needs to be forward-looking and begin to incorporate these effects now."
Miran also criticized the Fed's inflation measurement approach, stating that if the central bank does not adjust for these errors, it will run unemployment higher than necessary, fighting "fake rather than real inflation."
"If the central bank does not adjust for these errors, it will run unemployment higher than necessary, fighting 'fake rather than real inflation.'"
Support for Regulatory and Balance Sheet Policies
Miran expressed support for recent Fed moves to lower regulatory barriers for banks and led research on reducing the central bank's balance sheet, which holds $6.7 trillion in assets.
Confidence in Incoming Chair
In his resignation letter, Miran expressed confidence in Kevin Warsh, stating he was "excited about changes Chairman-designate Kevin Warsh and the Federal Reserve may make in areas such as communications policy, balance sheet policy, and keeping the Federal Reserve to its narrow mandate and out of hot-button political and cultural issues."
Background
Before his Fed appointment, Miran chaired the Council of Economic Advisers. He also worked as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research. From 2020 to 2021, he served as senior adviser for economic policy at the U.S. Department of the Treasury, following a decade in financial markets. Miran holds a B.A. in economics, philosophy, and mathematics from Boston University and a Ph.D. in economics from Harvard University.