Federal Reserve governor Stephen Miran has stepped down from his White House role as chair of the Council of Economic Advisers, concluding an unusual overlap between a Fed board post and a top White House economic position, the White House confirmed. The resignation ends a controversy over whether Miran could hold responsibilities at both institutions while serving as a Federal Reserve governor.
White House spokesman Kush Desai confirmed late Tuesday that Miran had submitted his resignation from the Council of Economic Advisers, citing a pledge Miran made during his confirmation to the Fed’s board of governors. Desai said the action was taken “in accordance with the pledge he made to the Senate during his confirmation” to serve on the Federal Reserve’s Board of Governors.
The move follows President Donald Trump’s September appointment of Miran to the Fed after Adriana Kugler—who had been appointed by President Joe Biden—abruptly resigned from the seven-member board. Kugler completed her term, which ended Jan. 31, and Miran was able to remain a Fed governor until a replacement is confirmed by the Senate.
Miran had previously said when he was named in September that he would step down from his CEA post if he stayed on the Fed’s board after Jan. 31. That timeline is central to why his CEA role ended now: his Fed term overlap continued until the next Senate-confirmed successor could be installed, while the White House position required him to depart once Jan. 31 passed.
The resignation is expected to feed into ongoing attention around the Federal Reserve’s leadership lineup and upcoming nominations. Trump has nominated Kevin Warsh, a former Fed official, to replace current chair Jerome Powell, whose term atop the central bank ends May 15.
Miran’s departure also highlights a structural feature of the Federal Reserve board that can affect how quickly the White House can fill seats. The chair’s transition may not necessarily create immediate openings for every board position, and some observers have said they expect Miran’s seat could be taken by Warsh and then lead to a later elevation for the chair role—though the sequence has not been confirmed.
For now, the Federal Reserve’s board remains responsible for voting on interest rate decisions and bank regulatory policy, even as the administration prepares for personnel changes ahead of the chair’s scheduled departure in May.