Fed Governor Stephen Miran Steps Down From Economic Advisers Role | CNBC

Stephen Miran has stepped down from his role as chair of the Council of Economic Advisers, according to a confirmation from CNBC. Miran transitioned from the CEA after serving as a member of the Federal Reserve Board of Governors since September 2025.

Miran initially joined the Trump administration’s Council of Economic Advisers in January 2025, but began an unpaid leave of absence when he was appointed to the Federal Reserve to fill the term of Adriana Kugler, who unexpectedly resigned in August 2025. At the time of his appointment, Miran indicated an intention to return to the CEA following the completion of Kugler’s term, which expired on January 31, 2026.

Since joining the Federal Reserve, Miran has consistently advocated for more aggressive interest rate cuts than his colleagues. He dissented at each of the four Federal Open Market Committee (FOMC) meetings he attended, voting against the quarter-percentage-point reductions favored by the majority. Miran consistently argued for half-point reductions, and most recently, on January 28, 2026, voted against holding rates steady, preferring a quarter-point decrease.

Miran’s departure from the CEA comes as President Trump has nominated Kevin Warsh as the next chair of the Federal Reserve. Miran noted in a recent CNBC interview that his departure will leave a vacancy on the Board of Governors that will be available for Warsh. The nomination of Warsh has been a point of discussion, with Trump having previously sought a nominee willing to ease monetary policy.

The appointment of Miran to the Federal Reserve itself raised concerns about the central bank’s independence, given his continued role at the White House. He addressed these concerns during his confirmation hearing, stating he would take an unpaid leave of absence from the Council of Economic Advisers and cease related activities, following the guidance of legal counsel. He also stated that if confirmed for a term longer than the initial four and a half months, he would fully resign from his position at the White House.

Senator Elizabeth Warren, D-Mass., expressed her view on the timing of Miran’s departure in a post on X (formerly Twitter), stating it came “141 days too late.”

Prior to his time at the Federal Reserve, Miran served as the chair of the Council of Economic Advisers and was a close advisor to President Trump. He previously vowed to uphold the central bank’s independence and its dual mandate of price stability and maximum employment. He emphasized the importance of preventing economic depressions and hyperinflations, and stated that independence of monetary policy is critical to achieving these goals.

During his confirmation hearing in September 2025, Miran acknowledged past criticisms of the Federal Reserve, specifically regarding its stimulus measures during the COVID-19 pandemic. However, he affirmed his commitment to making decisions based on his analysis of the macroeconomy and what he believed was best for the long-term stewardship of the country.

Miran’s appointment followed the unexpected resignation of Adriana Kugler, and came amid speculation that President Trump was seeking a “shadow chair” to exert greater influence over the central bank. Trump has been publicly critical of current Fed Chair Jerome Powell, calling for sharply lower interest rates.

In a September 2025 interview with CNBC, Miran stated he had only a brief conversation with President Trump before the interest-rate decision and was not pressured on how to vote. He dismissed concerns about potential conflicts of interest related to his continued role at the Council of Economic Advisers as “a bit silly.”