Feb. 4 (UPI) — Stepehn Miran, a Federal Reserve governor, has resigned from his role as chairman of the Council of Economic Advisers.
Miran was appointed to the Fed in September to replace Adrana Kugler, who resigned in August. He said he expected to fill out Kugler’s term, which expired Jan. 31, then return to the CEA position.
He said then that if his Fed term was extended, he would resign from the CEA, which he had joined in January 2025. He’s been on leave from the CEA since his appointment to the Fed. His term hasn’t been extended, but he’s still serving on the board.
“While I remain at the Federal Reserve, I will continue to fight for the American people to the best of my ability, pursuing the Federal Reserve’s statutory mandates of maximum employment and stable prices” Miran said in a statement Wednesday.
Miran’s resignation was first reported by Barron’s.
President Donald Trump has not officially named a Fed chairman successor, but he announced last week that he would name former Fed Governor Kevin Warsh to the position once Jerome Powell’s term ends in May.
Fed rules say that only a sitting Fed governor can become chair, and there are no open spots. Powell’s term as a governor continues until 2028.
Now, Trump can swap out Miran for Warsh then promote Warsh to chair.
During his time at the CEA, “his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team,” White House spokesperson Kush Desai said in a statement.
Trump has been pushing the Fed to lower interest rates for months. Miran, since he’s been a governor, has also been on the side of lowering rates.
He has argued that the U.S. economy is at risk of a recession if the higher rates remain.
Miran has dissented at four meetings in the Fed, arguing for larger rate cuts. While the Fed lowered rates by 0.25% three times, Miran pushed for 0.50% reductions.
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