Federal Reserve Governor Stephen Miran submitted his resignation on Thursday, saying he will vacate his board seat when or shortly before incoming chair Kevin Warsh is sworn in.
With no vacancies elsewhere on the seven-member board, Reuters noted that Warsh had nowhere to land without Miran stepping aside
Miran had stayed on past January, when his term technically lapsed, pending the appointment of a successor. In a letter addressed to President Donald Trump, Miran described his brief tenure as “the highest honor of my life” and expressed enthusiasm for the changes Warsh plans to make. “Going forward, I am excited about changes Chairman-designate Kevin Warsh and the Federal Reserve may make in areas such as communications policy, balance sheet policy, and keeping the Federal Reserve to its narrow mandate and out of hot-button political and cultural issues,” he wrote. Miran joined the Fed in September 2025, stepping in after Adriana Kugler left the board.
He served as a dissenting voice on the rate-setting Federal Open Market Committee throughout his time at the central bank, according to CNBC. Across his six policy meetings, every vote he cast was a dissent: in 2025 he pushed back against three quarter-point reductions the FOMC approved, then opened 2026 by opposing an equal number of hold decisions, each time calling for a quarter-point cut instead. In his letter, Miran also criticized the Fed’s approach to measuring inflation, warning that if the central bank “doesn’t adjust for these errors, it will run unemployment higher than it has to, fighting fake rather than real inflation,” according to Fortune.