Federal Reserve Governor Stephen Miran stepped down on Tuesday from his role as chair of the White House’s Council of Economic Advisers, according to a White House spokesperson. The move follows a pledge Miran made to the Senate to formally leave the council if he continued serving on the Federal Reserve Board beyond January.
Miran was appointed to the Fed’s Board of Governors by President Donald Trump last year after an unexpected vacancy, with a term that expired on January 31. Despite the expiration, he is permitted to remain in the role until a successor is confirmed by the Senate.
In his resignation letter, reviewed by Reuters, Miran emphasized the importance of honoring his commitment to lawmakers while continuing his duties at the Federal Reserve. The development comes shortly after Trump announced his intention to nominate former Fed Governor Kevin Warsh as the next chair of the central bank, likely filling the seat currently held by Miran.
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