Stephen Miran, a Federal Reserve governor appointed by Donald Trump, has resigned as chair of the White House’s Council of Economic Advisers (CEA), fulfilling a commitment made to the Senate as his tenure at the central bank extends beyond its original end date.
Miran had been on unpaid leave from the CEA since joining the Fed’s board of governors last year to fill a vacancy. His term as governor expired on 31 January, but he remains in the role until a successor is confirmed. In his resignation letter, Miran stated that he had promised the Senate he would formally leave the CEA if his Fed appointment continued past January, and he considered it important to honour that pledge.
Trump announced on Friday that he plans to nominate former Fed governor Kevin Warsh as the next chair of the central bank, replacing Jerome Powell. While Warsh’s nomination would fill Miran’s current board seat, Miran is permitted to serve until the Senate confirms a successor.
Miran has advocated for sharply lower interest rates at every Fed meeting since September, aligning with Trump’s public calls for easier monetary policy. The president has made support for rate cuts a key criterion for a new Fed chief.
Powell, whose leadership term ends in May, revealed in January that the Department of Justice had launched a criminal investigation into his statements to the Senate about Fed building renovations. He described this as part of a broader administration effort to exert control over the Fed. Separately, the DOJ is investigating Fed governor Lisa Cook over alleged mortgage application misstatements; she denies wrongdoing and is challenging Trump’s attempt to fire her in a Supreme Court case.
A majority of the Senate banking committee, including all Democrats and one Republican, have condemned the investigation of Powell as political intimidation and signalled opposition to advancing Warsh’s nomination.
