Turbulent Times at the Fed: Stephen Miran Resigns

Stephen Miran, a Federal Reserve Governor, has resigned from his role as chair of the White House's Council of Economic Advisers. His departure fulfills a promise to step down if his term with the Fed extended beyond January. The resignation comes amid political controversies and ongoing DOJ investigations.

Federal Reserve Governor Stephen Miran has resigned from his position as chair of the White House's Council of Economic Advisers, honoring a commitment he made to the Senate. His extended term at the central bank required this move, which follows his unpaid leave since joining the Fed last year under Trump.

Miran's decision comes after legal advice indicating no need to leave his CEA post, yet he chose to fulfill his promise to the Senate. The resignation letter, reviewed by Reuters, emphasizes his dedication to maintaining integrity while continuing his Fed responsibilities.

Trump announced plans to nominate Kevin Warsh as the next Fed chair, potentially replacing Miran, whose focus on lowering interest rates aligns with Trump's monetary policy goals. Meanwhile, controversies, including DOJ investigations and political tensions, surround Fed leadership and future nominations.

(With inputs from agencies.)