Fed Governor Miran Resigns for Warsh Transition

U.S. Federal Reserve Governor Stephen Miran announced Thursday that he will resign his seat on the seven-member Board of Governors effective on or shortly before Kevin Warsh is sworn in as the Fed's next chair. The move clears a vacancy for Warsh, whose nomination received Senate confirmation this week, as no other board position is open and Miran's term had technically expired in January.

Miran, who joined the board last September while on leave from his role as a top economic adviser to President Donald Trump, outlined his decision in a letter to the president released by the Fed. Throughout his tenure, Miran consistently dissented at policy meetings in favor of interest rate cuts, arguing that personal consumption expenditures inflation, including housing costs, would converge to normal levels due to monetary policy lags. In his final public remarks as a board member, he reiterated support for reductions to address those dynamics.

The resignation facilitates a procedural transition amid changes in Fed leadership. Jerome Powell's term as chair ends May 15, though his separate term as a board governor and Federal Open Market Committee voting member extends until January 2028....