Fed's Stephen Miran resigns from White House post

Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the Council of Economic Advisers, CNBC has confirmed.

Miran joined the Trump administration’s Council of Economic Advisers in January 2025. He had been on leave from this post since September 2025 — when he became a member of the Federal Reserve Board of Governors.

Miran was appointed in September to fill the unexpired term of Biden-appointee former Fed Governor Adriana Kugler, who resigned abruptly in August. At the time, Miran said he expected to fill out Kugler’s term, which expired Jan. 31, then return to his CEA post.

However, he said then that if his time at the Fed extended beyond that date, he would resign from the CEA. President Donald Trump has not formally nominated a Fed successor yet, though he said last week he would put up former Governor Kevin Warsh to ultimately serve as central bank chair.

“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,” White House spokesman Kush Desai said. “Prior to the start of … Stephen’s leave last September, 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.”

The resignation follows a letter from Senate Democrats sent Monday to Miran requesting that he honor his confirmation hearing statements and step down.

“Your extended tenure at the Federal Reserve has only compounded what was an improper arrangement from the outset, and this dual employment must end,” said the letter signed by Sen. Elizabeth Warren of Massachusetts, the ranking member on the Senate banking committee, as well as 10 others.

The group argued that Miran has not displayed the political independence required of Fed officials and he should put “the public’s trust in the Federal Reserve over your political ambitions.”

Trump has demanded that the Fed lower rates, threatening at various points to fire Chair Jerome Powell and asserting that the president should be consulted about rate decisions.

Since taking the post at the Fed, Miran has argued for aggressive interest rate cuts. He has voted “no” at each of the four Federal Open Market Committee meetings he has attended. Central bank policymakers cut their benchmark rate by a quarter-percentage point at three of those meetings; Miran argued for half-point reductions.

Most recently, he voted against policymakers’ decision to hold rates steady in a range of 3.5% to 3.75% at the January meeting. He wanted to lower rates by a quarter point.

In a Friday interview on CNBC’s “Money Movers,” Miran noted that his seat would be the only vacancy available on the board of governors for Warsh.

In a post on social media network X, Warren said that Miran’s departure came “141 days too late.”

Barron’s first reported on Miran’s plan to leave the CEA.