Fed Governor Miran submits resignation, throws support behind Warsh as new chair
Stephen Miran, Federal Reserve Board of Governors member, throughout a tv interview on the ground of the New York Stock Exchange, Nov. 10, 2025.
Michael Nagle | Bloomberg | Getty Images
Federal Reserve Governor Stephen Miran formally handed over his resignation letter Thursday, saying he’ll vacate his spot on the central financial institution board when or simply earlier than new Chair Kevin Warsh take his seat.
Stepping in to fill what was left of an unexpired time period final September, Miran served as a contrary voice on the rate-setting Federal Open Market Committee. He voted “no” in every of the six conferences he has attended since taking on for Adriana Kugler, who abruptly resigned in August 2025.
in his letterMiran mentioned his transient stint was “the highest honor of my life” and expressed confidence in Warsh, who won Senate confirmation to the highest seat Wednesday. Miran got here to the Fed after serving as chair of the Council of Economic Advisers.
“Going forward, I am 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,” he wrote.
Miran has advocated for decrease charges, voting in opposition to the three quarter-percentage-point reductions the FOMC accredited in 2025. This 12 months, he voted in opposition to the three selections to hold rates steady in favor of quarter-point cuts.
In addition, he mentioned he has pushed for a extra forward-looking strategy to financial coverage and believes the Fed “needs to do a better job accounting for nonmonetary forces and their implications for monetary policy.” Specifically, I’ve cited the affect of decrease inhabitants development and immigration on employment and deregulation as a disinflationary power.
“I’ve emphasized that given monetary policy lags, policymaking needs to be forward-looking and begin to incorporate these effects now,” Miran mentioned.
He additionally expressed support for a sequence of strikes the Fed has enacted decreasing regulatory obstacles for banks, and led analysis displaying how the central financial institution ought to shrink the dimensions of its stability sheet and its $6.7 trillion in asset holdings.