Federal Reserve Governor Stephen Miran has submitted his resignation, which will take effect when or just before Kevin Warsh officially assumes the role of Chair of the Federal Reserve. Miran, who joined the Fed in September 2025 to fill an unexpired term, has been known for his dissenting votes on the Federal Open Market Committee (FOMC), opposing all six decisions during his tenure.
His resignation follows Warsh's confirmation by the Senate as the new Chair. In his resignation letter, Miran described his time at the Fed as "the highest honor of my life" and expressed optimism about the changes Warsh may implement, particularly regarding communications and balance sheet policies.
Miran has been a proponent of lower interest rates, having voted against the FOMC's three quarter-percentage-point cuts in 2025 and the three decisions to maintain rates this year, advocating instead for quarter-point reductions. He emphasized the need for the Fed to adopt a more forward-looking monetary policy that accounts for nonmonetary factors.
Additionally, Miran has supported regulatory changes aimed at reducing barriers for banks and has contributed research on how the Fed should manage its balance sheet, which currently holds $6.7 trillion in assets. His departure marks a significant shift in the Fed's leadership dynamics as Warsh prepares to take over