Federal Reserve Governor Stephen Miran announced his resignation Tuesday from the position of chair of the White House’s Council of Economic Advisers (CEA), ending the arrangement that placed him in a dual role at the White House and the central bank.
Miran had been on unpaid leave from the CEA after President Donald Trump selected him last year to fill an unanticipated vacancy on the Fed’s Board of Governors. His formal term at the central bank expired on January 31, but under existing rules he is legally permitted to continue serving on the Board until a confirmed successor is in place.
The combined assignment prompted criticism from Democratic Senators, who voiced concern that Miran’s simultaneous responsibilities could threaten the independence of the Fed’s newest policymaker. Miran previously said he had received legal advice indicating there was no obligation to resign from the CEA post because the Fed appointment was expected to be temporary, lasting only a few months.
His resignation follows an announcement by President Trump on Friday that he intends to nominate former Fed Governor Kevin Warsh to become the next chair of the Federal Reserve, replacing the current chair Jerome Powell. While Warsh’s nomination would ultimately free the Board seat Miran currently occupies, any change in personnel requires Senate confirmation before it can take effect.
What happens next
- Miran is stepping down from the White House economic advisory role he retained while serving on the Fed.
- He remains able to continue at the Federal Reserve until a successor is confirmed, per the legal allowance described.
- The eventual filling of Miran’s Board seat hinges on Senate action on the president’s nominee.
The resignation resolves the specific dual-role situation highlighted by critics, but the transition to a new governor on the Fed Board depends on the pace of the confirmation process. Until then, Miran may continue his central bank duties under the provisions that allow officials to serve past their formal term expiration.