Federal Reserve Governor Stephen Miran has resigned from his role as chair of the Council of Economic Advisers, CNBC has verified.
Miran became part of the Trump administration’s Council of Economic Advisers in January 2025. He had been on hiatus from this role since September 2025 — when he joined the Federal Reserve Board of Governors.
Miran was appointed in September to succeed the uncompleted term of Biden appointee former Fed Governor Adriana Kugler, who resigned unexpectedly in August. Miran previously indicated he intended to complete Kugler’s term, expiring Jan. 31, and then return to his CEA role.
However, he stated then that should his tenure at the Fed extend past that date, he would step down from the CEA. President Donald Trump has yet to formally nominate a replacement, although he mentioned last week that he would propose former Fed Governor Kevin Warsh to potentially serve as Fed chair.
“In line with the commitment he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has resigned from the Council of Economic Advisers,” said White House spokesman Kush Desai. “Before the commencement of his leave last September, Stephen’s insightful contributions and strong advocacy for the President made him an invaluable asset for the White House, and he solidified his position as a crucial member of the Trump administration’s economic team.”
Since assuming his role at the Fed, Miran has advocated for substantial interest rate cuts. He has opposed at each of the four Federal Open Market Committee meetings he has participated in. Central bank officials reduced their benchmark rate by a quarter-point at three of those gatherings; Miran lobbied for half-point reductions.
Most recently, he disagreed with the decision of officials to maintain rates steady within a range of 3.5% to 3.75% at the January meeting, advocating for a quarter-point reduction instead.
In a Friday interview on CNBC’s “Money Movers,” Miran remarked that his position would be the sole vacancy available on the board of governors for Warsh.
In a message on social media platform X, Sen. Elizabeth Warren, D-Mass., stated that Miran’s exit came “141 days too late.”
Barron’s was the first to report on Miran’s decision to depart the CEA.
