Fed Governor Miran submits resignation, throws support behind Warsh as new chair

• Miran voted against all six rate decisions during his tenure: opposing three quarter-point cuts in 2025 and three holds in 2026, consistently advocating for lower rates
• He supports Warsh implementing changes in Fed communications, balance sheet policy (currently $6.7 trillion in assets), and avoiding political and cultural issues
• Miran previously served as Chair of the Council of Economic Advisers and filled an unexpired term after Adriana Kugler's departure in August 2025

Summary: Fed Governor Miran Resigns, Endorses Warsh as New Chair

Key Development:

Federal Reserve Governor Stephen Miran submitted his resignation letter Thursday, announcing he will leave his position when or just before Kevin Warsh assumes the Fed Chair role. Warsh was nominated to the top seat Wednesday.

Background:

Miran served a brief term on the Federal Reserve Board, starting in September after filling an unexpired term previously held by Adriana Kugler, who departed in August 2025. Before joining the Fed, Miran served as chair of the Council of Economic Advisers.

Voting Record:

Miran consistently dissented during his tenure on the Federal Open Market Committee (FOMC), voting against decisions at all six meetings he attended:

• Opposed three quarter-percentage-point rate reductions approved by the FOMC in 2025
• Voted against three decisions to hold rates steady this year, advocating instead for quarter-point cuts

Policy Positions:

In his resignation letter, Miran advocated for:

• Lower interest rates overall
• More forward-looking monetary policy approach
• Better accounting for non-monetary forces in policy decisions
• Reduced regulatory barriers for banks
• Shrinking the Fed's $6.7 trillion balance sheet

Market Implications:

Miran expressed enthusiasm for Warsh's incoming leadership, particularly regarding potential changes to Fed communications policy, balance sheet management, and keeping the central bank focused on its core mandate while avoiding political and cultural issues.

The resignation signals a dovish departure from the Fed board and potential policy shifts under Warsh's leadership, which could impact future rate decisions and regulatory approaches.