Fed Governor Stephen Miran Resigns As White House CEA Chair
White House spokesman Kush Desai confirmed Miran's Feb. 3, 2026 resignation from the CEA to honor a pledge after his Fed term ran past Jan. 31, 2026.
Overview
Federal Reserve Governor Stephen Miran resigned as chair of the White House Council of Economic Advisers on Feb. 3, 2026, White House spokesman Kush Desai confirmed, saying Miran honored a pledge he made to the Senate.
Miran's departure matters because he had been serving concurrently on the Federal Reserve Board after being tapped to fill a vacated seat, a rare dual role that ended the unpaid-leave arrangement when his term outlived his CEA role.
The White House praised Miran's work, with Kush Desai calling him "an enormous asset," while Miran wrote in a resignation letter that he left the Council "with a heavy yet proud heart," according to a copy of the letter.
Miran was appointed to the Fed to complete Adriana Kugler's term, which ended Jan. 31, 2026, and he dissented in favor of larger rate cuts at four Fed meetings, a stance that shaped policy debates.
President Donald Trump's nomination of Kevin Warsh to succeed Fed Chair Jerome Powell, whose chair term ends May 15, 2026, could be affected by Miran's move and by a Justice Department probe into Powell's congressional testimony, and Sen. Thom Tillis (R-N.C.) has signaled he would oppose confirmations until that probe concludes.
Analysis
Center-leaning sources portray the resignation as part of a politically driven power play, emphasizing the “controversial” dual appointment and “intrigue” around Fed personnel. Editorial choices—loaded terms, selective sourcing (only the White House spokesman quoted), highlighted succession scenarios, and omission of broader ethical or Fed perspectives—foreground politics over policy.
Sources (3)
FAQ
Stephen Miran holds a BA in economics, philosophy, and mathematics from Boston University and a PhD in economics from Harvard University. He served as chair of the White House Council of Economic Advisers from January 2025, senior advisor at the U.S. Department of the Treasury from 2020-2021, and worked in financial markets including at Hudson Bay Capital Management.
Miran resigned from the CEA on February 3, 2026, to honor a pledge made to the Senate after his Federal Reserve term, filling Adriana Kugler's seat, ended on January 31, 2026, ending his rare dual role on unpaid leave.
Miran served concurrently as Fed Governor from September 16, 2025, to January 31, 2026, while on unpaid leave from CEA, a rare arrangement raising independence concerns. He dissented in favor of larger rate cuts at four Fed meetings.
Miran's departure occurs amid Trump's nomination of Kevin Warsh to succeed Fed Chair Jerome Powell (term ends May 15, 2026), potentially affected by a Justice Department probe into Powell's testimony and opposition from Sen. Thom Tillis until the probe concludes.
History
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