Stephen Miran Concludes Dual Role, Exits White House Economic Post
Stephen Miran, a prominent figure in recent economic policy debates, has officially resigned from his position as chair of the Council of Economic Advisers (CEA). The move follows the expiration of his term as a Federal Reserve Governor, a period marked by his vocal advocacy for aggressive interest rate cuts.
Miran, who initially joined the Trump administration’s Council of Economic Advisers in January 2025, took a leave of absence from that role in September 2025. His departure from the CEA was confirmed by CNBC, bringing to an end a unique period where he navigated responsibilities within both the White House and the nation’s central bank.
A Brief, But Bold, Tenure at the Federal Reserve
Miran’s appointment to the Federal Reserve Board of Governors in September 2025 was to fill the unexpired term of former Fed Governor Adriana Kugler, who had abruptly resigned in August. At the time, Miran publicly stated his intention to return to his CEA post once Kugler’s term concluded on January 31. However, he also made a crucial pledge to the Senate: if his tenure at the Fed extended beyond that date, he would step down from the CEA.
During his time at the central bank, Miran quickly established himself as a dissenting voice. He consistently championed significant interest rate reductions, often pushing for cuts larger than those ultimately enacted by the Federal Open Market Committee (FOMC). At each of the four FOMC meetings he attended, Miran cast a ‘no’ vote, arguing for half-point reductions even when policymakers opted for quarter-point cuts. Most recently, he dissented against the decision to hold rates steady in the 3.5% to 3.75% range at the January meeting, advocating for a quarter-point decrease.
White House Acknowledges Departure Amidst Succession Talk
White House spokesman Kush Desai confirmed Miran’s resignation, stating, “In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers.” Desai lauded Miran’s contributions, adding, “Prior to the start of his Stephen’s leave last September, his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team.”
Miran’s departure also comes amidst broader discussions about future appointments. President Donald Trump recently indicated his intention to nominate former Fed Governor Kevin Warsh to ultimately serve as Fed chair, though a formal nomination has yet to be made. In a recent interview on CNBC’s “Money Movers,” Miran himself noted that his now-vacant seat would be the only opening on the board of governors for Warsh.
The news of Miran’s planned exit from the CEA was first reported by Barron’s. His tenure, though relatively short, certainly left an imprint on monetary policy discussions, drawing both praise from the White House and sharp criticism, such as Senator Elizabeth Warren’s (D-Mass.) social media comment that his departure was “141 days too late.”
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