Federal Reserve governor Stephen Miran resigns from White House post
Federal Reserve Governor Stephen Miran Resigns from White House Position
Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the White House’s Council of Economic Advisers, marking the end of a controversial arrangement where he held roles at both institutions.
The resignation was confirmed by White House spokesman Kush Desai late Tuesday.
President Donald Trump appointed Miran to the Fed’s board of governors in September after Adriana Kugler, appointed by President Joe Biden, resigned abruptly.
Miran completed her term, which ended on Jan. 31.
He can continue to serve on the Fed’s board until a replacement is confirmed by the Senate.
It is uncommon for someone to hold a White House position while also serving as a Fed governor, a nonpartisan role.
Miran stated in September that he would resign from his position at the CEA if he remained on the Fed board after Jan. 31.
Fed governors play a role in interest rate decisions and bank regulatory policy.
“In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers,” Desai said.
The move highlights the intrigue surrounding the Fed and its upcoming personnel changes.
Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed chair Jerome Powell, whose term ends on May 15.
However, Powell could potentially remain on the board after his term as chair ends, preventing Trump from filling another seat.
Many expect Warsh to take Miran’s seat and potentially replace Powell in May, but this sequence of events has not been confirmed yet.
