Stephen Miran, who took an unpaid leave of absence from his role as chairman of the Trump administration’s Council of Economic Advisers to fill a vacancy on the Federal Reserve’s Board of Governors, has resigned his White House position.
Miran has been on leave from the administration since September when he was appointed to fill the remaining months of Adriana Kugler’s role on the Board of Governors, which expired Jan. 31. During his Senate confirmation hearing, Miran stated he would leave the administration if a new Fed governor wasn’t confirmed by the end of January.
Under the Federal Reserve Act, Miran can remain as a governor until a replacement is confirmed. President Trump selected Kevin Warsh to become the next Fed chairman and is expected to take Miran’s seat on the board. The current Fed chairman, Jerome Powell, has the option to stay on the board after his term expires on May 15, although he has not announced whether he would stay with the central bank.
Since becoming a Fed governor, Miran has repeatedly dissented with the majority of the board in arguing for more robust rate cuts than his peers were willing to pursue.
