Stephen Miran says he’ll take unpaid leave from White House job while serving as Fed governor

Stephen Miran, the current Chair of the Council of Economic Advisors, is set to take an unpaid leave of absence from his White House position in order to fill the vacant seat on the Federal Reserve’s Board if confirmed. This decision was announced during his confirmation hearing before the Senate Banking Committee, where he addressed concerns about maintaining the central bank’s independence.

Miran, who has been nominated by President Donald Trump to fill the open Fed Governor role left by Adriana Kugler, stated that he would not fully resign from his position at the White House while serving as Fed Governor. His term is set to expire on January 31, 2026, and he assured that if confirmed for a longer term, he would resign from his White House position.

There has been speculation that Trump would seek to nominate a “shadow chair” in order to exert influence over the central bank, raising concerns about its independence. By taking an unpaid leave of absence from his White House role, Miran hopes to alleviate these concerns and uphold the Fed’s autonomy.

During the confirmation hearing, Miran reiterated his commitment to maintaining the central bank’s independence and stated that no one in the administration had pressured him to ease monetary policy. This assurance comes as Trump has been pushing for lower interest rates and criticizing current Fed Chair Jerome Powell for not acting more aggressively.

The Fed’s next policy meeting is scheduled for September 16-17, where Miran’s nomination and confirmation could have significant implications for the direction of monetary policy. As he prepares to potentially take on this new role, Miran’s decision to take an unpaid leave of absence demonstrates his commitment to upholding the integrity and independence of the Federal Reserve.