Federal Reserve Governor Stephen Miran is resigning from his White House job as chair of the Council of Economic Advisers, fulfilling a pledge he made to senators to avoid the appearance of a conflict.
President Trump appointed Mr. Miran, a champion for steep interest-rate cuts, to the Fed in September to complete the term of former Fed Governor Adriana Kugler, who resigned in August.
Mr. Miran planned to return to the White House when his fill-in term on the Fed expired on Jan. 31. However, he pledged to resign from the administration if he stayed on the Fed beyond that date.
Mr. Trump said he plans to nominate Kevin Warsh to serve as Fed chair, so Mr. Warsh may ultimately take Mr. Miran’s place once the administration clears a Senate blockade on Fed nominees.
Sen. Thom Tillis, North Carolina Republican, is refusing to approve Mr. Trump’s Fed nominees until the Department of Justice resolves an investigation into Fed Chair Jerome Powell and a billion-dollar renovation of the Fed building, leaving Mr. Miran to linger at the central bank.
Mr. Miran is leaving his White House to avoid the appearance of a conflict.
“In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers,” White House spokesman Kush Desai said. “Prior to the start of Stephen’s leave last September, his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team.”
Mr. Miran has stood out during his tenure at the Fed. He objected to the Federal Open Market Committee’s consensus on interest rates in each of its meetings. He pushed for deeper cuts.
Sen. Elizabeth Warren, Massachusetts Democrat, has criticized Mr. Miran as too eager to do Mr. Trump’s bidding.
“Donald Trump’s Fed Governor Stephen Miran is finally resigning from his White House job,” she posted on X. “141 days too late. Once a Donald Trump sock puppet, always a Donald Trump sock puppet.”
