Fed Governor Stephen Miran resigns to clear a seat as Senate confirms Kevin Warsh to succeed Powell as chair

Federal Reserve Governor Stephen Miran submitted his resignation on Thursday, May 14, 2026, with the departure to take effect when, or shortly before, incoming Chair Kevin Warsh is sworn in. The move clears a seat on the seven-member Board of Governors for Warsh, whom the Senate confirmed (by a narrow vote, per reporting) as the next Fed chair the prior day, succeeding Jerome Powell, whose term concluded that Friday.

Miran, a former chair of the White House Council of Economic Advisers, joined the Fed in September 2025 — initially on unpaid leave from his administration post before resigning it in February — and had committed to the Senate that he would step down after filling the vacancy left by Governor Adriana Kugler. Described as a monetary dove, Miran voted for interest-rate cuts at every policy meeting during his tenure, at times dissenting in favor of larger cuts than colleagues backed.

In his resignation letter he voiced support for Warsh and expressed enthusiasm for anticipated changes to the Fed's communications and balance-sheet policies and for keeping the central bank to a 'narrow mandate,' while criticizing aspects of the Fed's inflation measurement. The succession marks a significant leadership transition at the central bank, ending Powell's chairmanship and installing Warsh, age 56.