Stephen Miran has resigned as chair of the White House Council of Economic Advisers while continuing in his Federal Reserve post until a successor is confirmed
Stephen Miran resigned on Tuesday as chair of the White House’s Council of Economic Advisers, according to a White House spokesman. His departure was first reported by Barron’s.
Miran had been on unpaid leave from his Council of Economic Advisers role since
US President Donald Trump appointed him last year to fill an unexpected vacancy on the Federal Reserve Board of Governors, serving a term that expired on January 31.
In a resignation letter dated Tuesday and reviewed by Reuters, he wrote, “I promised the Senate that if I should stay on the Board past January, I would formally depart the Council. I believe it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and the Senate appointed me.”
Expired term allows continued service until successor confirmed
Although his term as governor has expired, Miran may continue in the role until the Senate confirms a replacement.
Trump announced on Friday that he intends to nominate former Federal Reserve governor Kevin Warsh as the next chair of the central bank, succeeding Jerome Powell. Although this nomination would apply to the Federal Reserve Board seat currently held by Miran, the law permits Miran to remain in the role until the Senate confirms a replacement.
Miran has pressed for significantly lower interest rates at every Federal Reserve meeting since joining the central bank last September. President Donald Trump has openly called for rate cuts and included support for looser monetary policy among his criteria for selecting the next Fed chair.
Miran, set to continue as Federal Reserve Governor until Jerome Powell’s successor is confirmed, to leave the CEA post.
Federal Chair Jerome Powell, whose leadership term ends in May, revealed in January that the Department of Justice had opened a criminal investigation into statements he made to the Senate regarding renovations at the Federal Reserve building. Powell has said the probe forms part of a wider effort by the administration to assert influence over the central bank.
The department also launched an investigation last year into Fed governor Lisa Cook over alleged misstatements on her mortgage application. She denies any wrongdoing and is suing to block Trump’s attempt to dismiss her, a case now before the Supreme Court.
A majority of the Senate banking committee—including all Democratic members and one Republican member—have criticised the investigation into Powell as political pressure and have stated their opposition to advancing Kevin Warsh’s nomination.
End of Article
