Federal Reserve governor Stephen Miran resigns from White House post

• Miran was appointed to the Fed's board in September after a Biden appointee resigned, but unusually took only unpaid leave from his White House CEA chair role rather than fully resigning
• Fed governors hold nonpartisan positions and vote on interest rate decisions and bank regulatory policy, making dual White House service controversial
• Trump has nominated Kevin Warsh to replace Fed Chair Jerome Powell whose term ends May 15, with speculation that Warsh may take Miran's seat before being elevated to chair

Federal Reserve Governor Stephen Miran Resigns from White House Council Post

Federal Reserve Governor Stephen Miran has resigned from his position as chair of the White House's Council of Economic Advisers (CEA), ending a controversial dual-role arrangement. White House spokesman Kush Desai confirmed the resignation late Tuesday.

Key Details:

Miran was appointed to the Fed's seven-member board of governors in September, filling the seat vacated by Adriana Kugler, a Biden appointee who resigned abruptly. His CEA term ended January 31, though he can remain on the Fed board until the Senate confirms a replacement. During his Fed tenure, Miran took an unpaid leave of absence from the CEA rather than fully resigning—an arrangement that drew scrutiny as Fed governors typically maintain nonpartisan status.

The resignation fulfills a pledge Miran made to the Senate during his confirmation hearings. Desai stated Miran submitted his resignation "in accordance with the pledge he made to the Senate."

Market Implications:

The move highlights ongoing intrigue surrounding Fed personnel changes and President Trump's influence over monetary policy leadership. Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed Chair Jerome Powell, whose term expires May 15.

However, Powell could potentially remain on the Fed board after his chairmanship ends due to a structural quirk, limiting Trump's ability to fill additional seats. Market observers anticipate Warsh may take Miran's seat before being elevated to chair, though this sequence remains unconfirmed.

The situation underscores tensions between White House economic policy and Fed independence, a critical concern for markets monitoring monetary policy direction.