Federal Reserve Governor Stephen Miran has resigned from his role as chair of the White House’s Council of Economic Advisers (CEA), a White House spokesperson confirmed on Feb. 3.
Miran continues to serve on the Federal Reserve Board despite his term ending on Jan. 31, and may remain in the position until the Senate confirms a replacement.
Desai praised Miran’s work at the CEA, saying that “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.”
Miran’s resignation at the CEA came as some Democratic members of the Senate Banking, Housing, and Urban Affairs Committee urged him to step down from the Fed following the expiration of his term.
“You are serving in holdover status and have implied an intention to stay indefinitely,” the letter stated. “Your extended tenure at the Federal Reserve has only compounded what was an improper arrangement from the outset, and this dual employment must end.”
Miran previously worked as a former senior strategist at Hudson Bay Capital Management and senior fellow at the Manhattan Institute for Policy Research. He also served as a senior adviser for the Treasury Department during Trump’s first term.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is ‘central casting,’ and he will never let you down,” the president said on Truth Social.
Warsh worked as special assistant to the president for economic policy during the Bush administration, from 2002 to 2006. He was also the executive secretary of the National Economic Council.
Warsh was also one of Trump’s top picks for Fed chair during his first term, before he chose Jerome Powell.