Miran’s departure leaves a vacancy on the Fed board as Warsh prepares to take over with a potential shift in monetary policy direction.
Federal Reserve Governor Stephen Miran resigned Thursday, effective upon Kevin Warsh’s confirmation as the new Fed chair. Miran, who joined the board in September 2025, served as a dissenting voice on the Federal Open Market Committee, opposing all six rate decisions during his tenure, including three quarter-point cuts and three holds in 2025 and 2026.
Miran advocated for lower rates and a more forward-looking monetary policy, criticizing the Fed’s handling of nonmonetary forces. His resignation letter expressed confidence in Warsh’s leadership, hinting at potential changes in communications, balance sheet policy, and a narrower Fed mandate.
The departure creates a vacancy on the seven-member board, which currently has two open seats. Miran’s dissenting votes highlighted internal divisions over the pace of rate adjustments and the Fed’s broader policy approach.