Federal Reserve Board Governor Stephen Miran speaks on “Regulations, the Supply Side, and Monetary Policy” during the Delphi Economic Forum Lecture event, at the National Gallery in Athens, Greece, January 14, 2026.
Louisa Gouliamaki | Reuters
Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the Council of Economic Advisers, CNBC has confirmed.
Miran joined the Trump administration’s Council of Economic Advisers in January 2025. He had been on leave from this post since September 2025 — when he became a member of the Federal Reserve Board of Governors.
Miran was appointed in September to fill the unexpired term of Biden-appointee former Fed Governor Adriana Kugler, who resigned abruptly in August. At the time, Miran said he expected to fill out Kugler’s term, which expired Jan. 31, then return to his CEA post.
Since taking the post at the Fed, Miran has argued for aggressive interest rate cuts. He has voted “no” at each of the four Federal Open Market Committee meetings he has attended. Central bank policymakers cut their benchmark rate by a quarter-percentage point at three of those meetings; Miran argued for half-point reductions.
Most recently, he voted against policymakers’ decision to hold rates steady in a range of 3.5% to 3.75% at the January meeting. He wanted to lower rates by a quarter point.
In a Friday interview on CNBC’s “Money Movers,” Miran noted that his seat would be the only vacancy available on the board of governors for Kevin Warsh, whom President Donald Trump has nominated as Fed chair.
In a post on social media network X, Sen. Elizabeth Warren, D-Mass., said that Miran’s departure came “141 days too late.”
CNBC has reached out to Miran and the White House for comment.
Barron’s first reported on Miran’s plan to leave the CEA.
