WASHINGTON — Federal Reserve Gov. Stephen Miran has resigned as chair of the White House Council of Economic Advisers, ending a dual role that drew sharp criticism from Democrats.
Miran had pledged during his Senate confirmation hearing to take a leave from the White House post while serving on the Federal Reserve Board of Governors, a term that formally ended Jan. 31. Under federal law, he may remain at the Fed until a successor is confirmed, noted Reuters.
In a resignation letter to President Donald Trump seen by Banking Dive, Miran cited the Federal Reserve Act’s requirement that governors devote themselves full time to the job. “I promised the Senate that if I should stay on the Board past January, I would formally depart the Council,” he wrote.
The move came a day after all 11 Democrats on the Senate Banking Committee urged Miran to resign his Fed post, calling his dual employment improper. As Reuters noted, Sen. Elizabeth Warren (D-MA) said on X that the resignation was “141 days too late.”
‘Aggressive Advocate’
Since joining the Fed, Miran has emerged as the most aggressive advocate for interest-rate cuts, dissenting at all four Federal Open Market Committee meetings he attended in favor of steeper reductions.
The White House praised Miran’s work. Spokesman Kush Desai said his “brilliant insights and powerful advocacy” made him “an enormous asset.”
Attention has also focused on the administration’s potential move to nominate former Fed Gov. Kevin Warsh to succeed Miran, ahead of Warsh’s expected bid to lead the Fed when Chair Jerome Powell’s term ends in May.
Sen. Thom Tillis, R-N.C., has vowed to block Trump-appointed Fed nominees, while Democrats have urged Banking Committee Chairman Tim Scott to delay any Warsh hearing. Scott said Wednesday he believes the matter will be resolved and that Tillis will ultimately support Warsh.
