Stephen Miran Departs Fed, Leaving Seat to Kevin Warsh
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- Stephen Miran will leave the Federal Reserve in the coming days, ending a tenure that began in September 2025 and is the shortest for a governor in 71 years.
- Stephen Miran voted against the Fed’s policy at all six meetings he attended, consistently pushing for larger rate cuts than his colleagues, including a full 100‑basis‑point reduction this year.
- Kevin Warsh was confirmed as Fed Chair on Wednesday and will fill the board seat vacated by Miran, though the two will not serve together.
- Stephen Miran resigned as chair of the White House Council of Economic Advisers in February after initially retaining the role while serving at the Fed to avoid a third Senate confirmation.
- Stephen Miran described the Fed as a committee where change is slow, noting that his ideas were met with an open mind internally but faced external criticism as a threat to Fed independence.
Why it matters: Warsh could pursue Miran’s advocated 100‑basis‑point cut, easing financing costs for borrowers and boosting markets, while the Fed’s committee‑driven pace may blunt the Trump administration’s push for rapid monetary easing.
