His resignation comes as Trump reshapes the Fed, and a criminal investigation into Chair Jerome Powell is ongoing.
Federal Reserve Governor Stephen Miran has officially resigned from his role as Chair of the White House Council of Economic Advisers (CEA) to focus fully on his duties at the Federal Reserve Board of Governors, underscoring a controversial chapter in U.S. central‑bank and executive‑branch relations.
In a resignation letter dated Tuesday, Miran said he was keeping a pledge he made to the U.S. Senate during his confirmation process, that he would leave his White House post if his service at the Fed extended beyond the temporary term originally assigned to him.
Miran had taken unpaid leave from his CEA role after being confirmed by the Senate last September to fill a short‑term vacancy on the Fed’s Board of Governors left by former governor Adriana Kugler. His term formally expired at the end of January, but under federal law, he may remain in the position until a Senate‑confirmed successor takes office.
In his resignation letter to Trump, Miran stated that, “In accordance with the Federal Reserve Act, members of the Board of Governors must be committed full-time to their roles. Although I took an unpaid leave from the Council to join the Federal Reserve, I assured the Senate that if I remained on the Board after January, I would officially resign from the Council.”
Concerning his decision to resign, Miran expressed his belief that it is important for him to fulfill his pledge while he focuses on executing his duties at the Federal Reserve. According to him, he submitted his resignation with a heavy yet proud heart. Meanwhile, sources revealed that the White House initially announced his departure.
This was after White House spokesman Kush Desai shared a statement to the public alleging that, “Following his commitment made to the Senate during his confirmation for the Federal Reserve’s Board of Governors, Stephen Miran has resigned from the Council of Economic Advisers.”
Afterwards, he made remarks regarding Miran’s time in office. Desai acknowledged that the Federal Reserve official’s insightful contributions and dedicated support for Trump made him an invaluable asset to the White House. Apart from this finding, the spokesperson also noted that Miran played a key role in the Trump administration’s economic team.
Meanwhile, it is worth noting that Miran’s resignation comes as the US president is actively reshaping the Federal Reserve. While this was taking place, reports dated Friday, January 30, stated that Trump appointed Kevin Warsh, a Financier and former Member of the Federal Reserve Board of Governors of the United States, as Federal Reserve Chair Jerome Powell’s successor during an ongoing criminal investigation.
As of January 11 this year, Powell publicly stated that the Justice Department had initiated a criminal investigation into his testimony before Congress concerning the central bank’s two historic primary buildings renovations on Washington, D.C.’s National Mall.
In the meantime, sources warned that Warsh’s appointment to chair the prominent monetary authority faces potential setbacks amid opposition from Republican members concerning Powell’s investigation.
On the other hand, Thom Tillis, the senior United States senator from North Carolina, claimed that he will hold up any Fed board nominations until the criminal investigation into Powell is resolved. Tillis’s position on the Senate Banking Committee makes his stance particularly significant.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
