Stephen Miran’s departure leaves Kevin Warsh to navigate Fed’s slow-moving policy changes amid internal resistance.
Federal Reserve Governor Stephen Miran will step down in the coming days, ending the shortest tenure in 71 years. Miran, 42, joined the board in September 2025 but struggled to implement rapid policy changes, citing the Fed’s consensus-driven culture as a key obstacle.
Miran’s exit clears the seat for incoming Chair Kevin Warsh, who shares some of his reformist views. However, Warsh will face the same institutional challenges Miran described, including a Fed where decisions require broad agreement among policymakers and staff.
Miran acknowledged the Fed’s deliberative process tempered his expectations, noting that change is slower than he anticipated. His departure underscores the difficulty of enacting swift reforms at the central bank.