Federal Reserve Governor Stephen Miran said on Thursday that he will relinquish his seat on the Fed board on or shortly before Kevin Warsh is sworn in as the next chair of the central bank. Miran framed the planned departure as a necessary procedural step because there is no other vacant position on the seven-member board for Warsh to occupy.
Miran's action also follows a technical irregularity: his board term had technically expired in January. The governor set out his intentions in a letter addressed to President Donald Trump that the Fed released publicly. In that letter, Miran restated the positions he has taken in public forums and in formal dissents at Federal Reserve policy meetings.
Since joining the Fed board last September, Miran has registered dissents at every policy meeting, according to his letter, and he said his public appearances have consistently argued for lower interest rates. The article does not expand on the content of those arguments beyond noting that they are familiar from his public statements and meeting dissents.
Separately, Kevin Warsh's nomination to the Federal Reserve was confirmed by the U.S. Senate this week. The exact date for Warsh to be sworn in was not included in the information released. Miran said his resignation would take effect on or shortly before that swearing-in, a timing choice designed to make room on the board for Warsh.
The publicly released letter to the president and the timing of the Senate confirmation are the principal factual elements in the record provided. Beyond those items, the account does not supply additional details about internal board planning, the scheduling of Warsh's oath, or further commentary from other officials.
Summary of events
- Stephen Miran will resign his Fed board seat on or just before Kevin Warsh is sworn in as chair.
- Miran's term had technically expired in January.
- Miran reiterated his public case for lower interest rates and his record of dissent since joining the board last September while on leave from the administration.
- Kevin Warsh was confirmed by the U.S. Senate this week; his swearing-in date is pending.