Stephen Miran has resigned from the Federal Reserve Board of Governors, stepping aside to make room for Kevin Warsh, who has been confirmed by the Senate as the next chair of the world’s most powerful central bank.
Miran’s resignation emphasizes reducing the Fed’s balance sheet and cutting regulations, consistent with the broader deregulatory push that has characterized recent economic policy from the White House. His resignation takes effect before Warsh is officially sworn in.
Who is Kevin Warsh, and why does this matter
Kevin Warsh previously served on the Board of Governors during the 2008 financial crisis, where he developed a reputation as one of the more hawkish voices in the room. He was skeptical of the unconventional monetary tools, like quantitative easing, that the Fed deployed to stabilize the economy during the Great Recession.
One important detail in this transition: Jerome Powell isn’t leaving the building. Powell will remain a Fed governor until 2028, even after Warsh assumes the chair. That creates an unusual dynamic where the former chair sits on the same board as his successor, potentially as a dissenting voice on policy decisions.
