Federal Reserve Governor Stephen Miran has stepped down as chair of the White House’s Council of Economic Advisers so that he can remain on the Fed’s Board of Governors, the White House confirmed.
“In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers,” White House Spokesman Kush Desai said late Tuesday.
“Prior to the start of Stephen’s leave last September, his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team,” Desai said.
The resignation ends a controversial arrangement where Miran held positions at both institutions.
Miran Could Remain on the Board
President Donald Trump appointed Miran in September to a seat on the central bank’s seven-member board of governors after Adriana Kugler, who was appointed by President Joe Biden, resigned. Miran completed her term, which ended Jan. 31.
Miran was confirmed in September by a 48-47 party-line vote, over the objection of Senate Democrats who argued he was too loyal to Trump and raised concerns about his ability to make independent decisions.
Miran can remain on the Fed’s board until a replacement is confirmed by the Senate. It is unusual for someone to hold a White House position while also serving as a Fed governor, a nonpartisan role.
Previous presidents have appointed aides to the Fed, but for decades, they gave up their White House positions before joining the Fed. Miran took an unpaid leave of absence instead, the Associated Press reported.
Personnel Changes Coming
Miran said in September that he would step down from his position at the CEA if he remained on the Fed board after January 31.
The move underscores the intrigue around the Fed and its impending personnel changes.
Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed Chair Jerome Powell, whose term ends on May 15.
Powell could remain on the board after his term as chair ends and deny Trump the opportunity to fill another seat. Many observers speculate that Warsh would take Miran’s seat and then be elevated to replace Powell in May.
The Fed voted in January to keep interest rates steady.
The post Fed’s Miran Resigns as Top White House Economist first appeared on The MortgagePoint.
