Stephen Miran Steps Down from Key Economic Role Amid Controversy

Stephen Miran has resigned from his dual role as Federal Reserve governor and Chair of the Council of Economic Advisers, amid controversy. Appointed by Trump and serving on the Fed board since September, Miran's move comes ahead of potential personnel changes with Kevin Warsh expected to succeed Jerome Powell.

Federal Reserve Governor Stephen Miran has resigned from his role as Chair of the White House's Council of Economic Advisers, concluding a contentious dual holding of positions. The move was confirmed by White House spokesman Kush Desai on Tuesday. Miran had been appointed by former President Donald Trump to the Fed's board last September after Adriana Kugler's resignation.

This dual-role arrangement was considered highly unusual, as past appointees typically relinquished their White House roles before assuming Fed responsibilities. Instead of stepping down initially, Miran opted for an unpaid leave of absence. In line with his Senate confirmation pledge, Miran officially resigned from the CEA as he remains a Fed governor until a Senate-confirmed replacement is seated.

The resignation adds intrigue to the ongoing personnel shifts within the Federal Reserve. Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed Chair Jerome Powell when his term concludes on May 15. With Powell potentially remaining on the board, observers anticipate that Warsh might take Miran's seat and subsequently replace Powell, although this transition is yet to be finalized.

(With inputs from agencies.)