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Stephen Miran, Federal Reserve Board of Governors member, during a television interview on the floor of the New York Stock Exchange, Nov. 10, 2025.
Michael Nagle | Bloomberg | Getty Images
Federal Reserve Governor Stephen Miran officially handed in his resignation letter Thursday, saying he will vacate his spot on the central bank board when or just before new Chair Kevin Warsh takes his seat.
Stepping in to fill what was left of an unexpired term last September, Miran served as a contrarian voice on the rate-setting Federal Open Market Committee. He voted “no” in each of the six meetings he has attended since taking over for Adriana Kugler, who abruptly resigned in August 2025.
In his letter, Miran said his brief stint was “the highest honor of my life” and expressed confidence in Warsh, who gained Senate confirmation to the top seat Wednesday. Miran came to the Fed after serving as chair of the Council of Economic Advisers.
“Going forward, I am excited about changes Chairman-designate Kevin Warsh and the Federal Reserve may make in areas such as communications policy, balance sheet policy, and keeping the Federal Reserve to its narrow mandate and out of hot-button political and cultural issues,” he wrote.
Miran has advocated for lower rates, voting against the three quarter-percentage-point reductions the FOMC approved in 2025. This year, he voted against the three decisions to hold rates steady in favor of quarter-point cuts.
In addition, he said he has pushed for a more forward-looking approach to monetary policy and believes the Fed “needs to do a better job accounting for nonmonetary forces and their implications for monetary policy.” Specifically, he cited the impact of lower population growth and immigration on employment and deregulation as a disinflationary force.
“I’ve emphasized that given monetary policy lags, policymaking needs to be forward-looking and begin to incorporate these effects now,” Miran said.
He also expressed support for a series of moves the Fed has enacted lowering regulatory barriers for banks, and led research showing how the central bank should shrink the size of its balance sheet and its $6.7 trillion in asset holdings.
