← Chronicle · Departure · May 14, 2026

Stephen Miran Resigns from the Federal Reserve Board

Stephen Miran tendered his resignation from the Board of Governors of the Federal Reserve System on May 14, 2026, in a letter to the President dated that day. The resignation was to take effect “upon or shortly before the swearing in of Kevin Warsh” — the step that cleared a seat on the seven-member Board for Warsh, who must sit as a governor to serve as Chair and who had been confirmed by the Senate the day before, on May 13, 2026 (see the May 13, 2026 entry).

Miran had joined the Board in September 2025 to fill the seat vacated by Adriana Kugler, for a term that expired on January 31, 2026, serving past its end until a successor was in place; he had already resigned his other post, chair of the Council of Economic Advisers, on February 3, 2026 (see the February 3, 2026 entry). In his letter he wrote that serving on the Board, together with the CEA chairmanship, “has been the highest honor of my life,” and he restated the argument he had carried through his tenure: that the Federal Reserve must better account for nonmonetary forces — reduced immigration and deregulation among them — that he argued are disinflationary and point to lower interest rates.

Sources: Stephen I. Miran, resignation letter to the President, May 14, 2026 (Board of Governors of the Federal Reserve System, federalreserve.gov press release file other20260514b1); Trump Team Report roster audit, research cluster C (banked 2026-10-18): Miran — CEA chair to February 2026, Fed Governor to May 2026, resigned to clear the seat for Chair Kevin Warsh.