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

Federal Reserve Governor Stephen Miran formally submitted his resignation letter on Thursday, saying he will vacate his seat on the central bank’s board when or just before new Governor Kevin Warsh takes his seat.

Miran, who stepped in to fill out the remainder of his unexpired term last September, served as a dissenting voice on the Federal Open Market Committee, which sets interest rates. He has voted “no” in each of the six meetings he has attended since replacing Adriana Kugler, who resigned suddenly in August 2025.

Inside his letterMiran said his brief tenure was “the greatest honor of my life” and expressed confidence in Warsh, who was confirmed to the top Senate seat on Wednesday. Miran came to the Fed after serving as chairman of the Council of Economic Advisers.

“Going forward, I am excited about Presidential candidate Kevin Warsh and the changes he might make in areas such as communications policy, balance sheet policy, and keeping the Federal Reserve within its narrow jurisdiction and out of pressing political and cultural matters,” he wrote.

Miran advocated for lower interest rates by voting against the three-quarter point cut the FOMC approved in 2025. This year, he voted against three resolutions to keep interest rates steady in favor of quarter-point cuts.

In addition, he said he is pushing for a more forward-looking approach to monetary policy and believes the Fed “needs to do a better accounting of non-monetary forces and their impact on monetary policy.” Specifically, he cited the impact of low population growth and immigration on employment and deregulation as a disinflationary force.

“I emphasized that given the lags in monetary policy, policymaking needs to be forward-looking and start incorporating these effects now,” Miran said. he said.

He has also expressed support for a series of moves the Fed has enacted to reduce regulatory barriers to banks and has led research showing how the central bank should reduce the size of its balance sheet and its $6.7 trillion in assets.