Federal Reserve Board Governor Stephen Miran speaks on “Regulations, the Supply Side, and Monetary Policy” during the Delphi Economic Forum Lecture event, at the National Gallery in Athens, Greece, January 14, 2026.
Louisa Gouliamaki | Reuters
Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the Council of Economic Advisers, CNBC has confirmed.
Miran joined the Trump administration’s Council of Economic Advisers in January 2025. He had been on leave from this post since September 2025 — when he became a member of the Federal Reserve Board of Governors.
Miran was appointed in September to fill the unexpired term of Biden-appointee former Fed Governor Adriana Kugler, who resigned abruptly in August. At the time, Miran said he expected to fill out Kugler’s term, which expired Jan. 31, then return to his CEA post.
However, he said then that if his time at the Fed extended beyond that date, he would resign from the CEA. President Donald Trump has not formally nominated a successor yet, though he said last week he would put up former Fed Governor Kevin Warsh to ultimately serve as Fed chair.
“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,” White House spokesman Kush Desai said. “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.”
Since taking the post at the Fed, Miran has argued for aggressive interest rate cuts. He has voted “no” at each of the four Federal Open Market Committee meetings he has attended. Central bank policymakers cut their benchmark rate by a quarter-percentage point at three of those meetings; Miran argued for half-point reductions.
Most recently, he voted against policymakers’ decision to hold rates steady in a range of 3.5% to 3.75% at the January meeting. He wanted to lower rates by a quarter point.
In a Friday interview on CNBC’s “Money Movers,” Miran noted that his seat would be the only vacancy available on the board of governors for Warsh.
In a post on social media network X, Sen. Elizabeth Warren, D-Mass., said that Miran’s departure came “141 days too late.”
Barron’s first reported on Miran’s plan to leave the CEA.
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