Federal Reserve Governor Stephen Miran submitted his resignation letter on Thursday, stating he will depart the central bank board either concurrent with or just prior to new Chair Kevin Warsh assuming his position. Miran, who previously chaired the Council of Economic Advisers, joined the Fed last September to complete an unexpired term, serving as a distinct contrarian voice on the rate-setting Federal Open Market Committee (FOMC).
Throughout his six attended FOMC meetings, Miran consistently voted “no” since succeeding Adriana Kugler, who abruptly resigned in August 2025. He was a vocal proponent of lower rates, opposing the three quarter-percentage-point reductions approved by the FOMC in 2025. This year, he again voted against decisions to hold rates steady, instead favoring quarter-point cuts.
In his resignation letter, Miran characterized his brief tenure as “the highest honor of my life” and conveyed confidence in Warsh, whose appointment as the new Chair was confirmed by the Senate on Wednesday. Miran expressed enthusiasm for potential changes under Chairman-designate Warsh, particularly 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.”
He also advocated for a more forward-looking monetary policy approach, arguing that the Fed “needs to do a better job accounting for nonmonetary forces and their implications for monetary policy.” Miran specifically highlighted the effects of declining population growth, immigration on employment, and deregulation as disinflationary factors. “I’ve emphasized that given monetary policy lags, policymaking needs to be forward-looking and begin to incorporate these effects now,” he explained.
Additionally, Miran supported the Fed’s initiatives to reduce regulatory burdens for banks and led research proposing that the central bank should diminish the size of its $6.7 trillion balance sheet and asset holdings.
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