Fed Governor Miran resigns as Warsh prepares to take chair

Federal Reserve Governor Stephen Miran submitted his resignation on May 14, 2026, clearing the way for Kevin Warsh to join the central bank as its next chair after Senate confirmation. Miran, appointed by President Donald Trump to complete the final five months of former Gov. Adriana Kugler’s term, had been a controversial pick because he initially took leave from his role as White House Council of Economic Advisers chair rather than resigning. He later stepped down from the White House post after saying during confirmation testimony he would do so if he remained on the Fed board longer. During his tenure, Miran dissented at every Federal Open Market Committee meeting since September 2025. He repeatedly favored faster rate cuts, arguing tariffs were not inflationary, housing disinflation was understated in official indexes and the neutral rate was well below current policy levels. He also supported shrinking the Fed’s balance sheet.