Federal Reserve governor Stephen Miran has resigned from his role as chair of the White House's Council of Economic Advisers (CEA), fulfilling a pledge he made to the Senate as his term at the central bank extends beyond its original expiry date. Miran had been on unpaid leave from the CEA since his appointment to the Fed board last September, a term that officially ended on 31 January.
The arrangement had drawn criticism from Democratic senators, who argued it risked politicising the Fed. In his resignation letter dated Tuesday, Miran stated: '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.'
President Donald Trump has announced plans to nominate former Fed governor Kevin Warsh as the next chair, replacing Jerome Powell. Miran, who has consistently advocated for lower interest rates, may remain on the board until a successor is confirmed. Meanwhile, investigations into Powell and Fed governor Lisa Cook have stirred controversy, with a Senate majority criticising the justice department's actions as political intimidation.
