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Fed Governor Miran Resigns, Endorses Warsh as New Chair

Federal Reserve Governor Stephen Miran submitted his resignation Thursday, effective when incoming Chair Kevin Warsh assumes office following Wednesday's Senate confirmation. Miran, who joined the central bank in September 2025 as a contrarian voice on the rate-setting committee, voted against all six FOMC decisions during his tenure. He opposed the three 0.75-percentage-point rate cuts approved in 2025. He also voted against holding rates steady three times this year, favoring quarter-point reductions instead. In his resignation letter, Miran expressed confidence in Warsh's leadership and anticipated policy shifts on communications, balance sheet management, and narrowing the Fed's mandate away from political issues. The former Council of Economic Advisers chair advocated for considering demographic factors like population growth and immigration alongside deregulation when assessing monetary policy implications.