Fed Governor Miran Resigns, Backs Warsh as New Chair Federal Reserve Governor Stephen Miran has formally resigned from his position, effective when or shortly before new Chair Kevin Warsh assumes leadership. The announcement came on Thursday, with Miran stating he will step down from the central bank’s board as Warsh prepares to take the helm. Miran’s resignation marks the end of his brief tenure on the Federal Open Market Committee (FOMC), where he served as a contrarian voice during his time on the rate-setting body. Miran’s term began in September 2025, following the abrupt resignation of Adriana Kugler, who had led the FOMC until August of that year. During his time on the committee, Miran consistently voted against the aggressive rate-cutting measures adopted by the FOMC. Specifically, he opposed the three quarter-percentage-point reductions approved in 2025 and later cast votes against three decisions to maintain steady rates, favoring instead smaller cuts. His dissenting stance positioned him as a key figure in the Fed’s evolving policy debates. In his resignation letter, Miran described his time at the Fed as “the highest honor of my life,” expressing confidence in Warsh’s leadership. The new chair, who received Senate confirmation earlier this week, is set to take over as the Fed navigates complex economic challenges. Miran highlighted his anticipation for the changes Warsh and the Federal Reserve might implement, particularly in areas such as communications policy, balance sheet management, and adherence to the central bank’s narrow mandate. He emphasized the need for the Fed to avoid entanglement in politically sensitive issues. Miran’s tenure was marked by his advocacy for a more forward-looking approach to monetary policy.#kevin_warsh #fed #fomc #stephen_miran #adriana_kugler
