Fed Governor Miran resigns, backs Warsh’s shift to narrower central bank role

Federal Reserve Gov. Stephen Miran submitted his resignation on May 14, 2026, saying he will leave on or before Kevin Warsh takes office as Fed chair. Warsh was confirmed by the Senate on May 13, 2026. Miran joined the Fed in September 2025 to complete the unfinished term of Adriana Kugler, who resigned unexpectedly. He became a consistent dissenting voice on the Federal Open Market Committee, opposing every rate decision in the six meetings he attended. In his resignation letter, Miran said he was encouraged by potential changes under Warsh in Fed communications, balance sheet policy and keeping the central bank focused on a narrower mandate. Miran had pushed for lower interest rates, arguing policy should be more forward-looking given its lagged effects. He also cited slower population growth, immigration’s labor-market impact and deregulation as factors relevant to inflation and monetary policy. Miran also supported reducing bank regulatory barriers and led research on shrinking the Fed’s $6.7 trillion balance sheet.