Milan submits resignation letter to Federal Reserve Board member

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U.S. Federal Reserve Board Governor Stephen Miran submitted his resignation on Thursday, resigning from his post as a governor of the Federal Reserve.

Miran said he will step down from his governor role either shortly before or around the time Kevin Warsh is sworn in as the next chairman of the Federal Reserve.

Miran was previously temporarily appointed by President Trump to fill the remaining five months of the term of departing governor Adriana Kugler. With Warsh confirmed by the Senate as the next chairman of the Federal Reserve, Miran will resign from his governor position.

Miran’s resignation is a necessary arrangement because, within the Federal Reserve’s seven-member board, there is currently no vacancy for Warsh to assume, and Miran’s term technically expired in January of this year.

In a letter to President Trump published by the Federal Reserve, Miran reiterated his arguments in support of rate cuts. These views have long been well known, through Miran’s multiple public appearances and his dissenting remarks at each Federal Open Market Committee (FOMC) policy meeting.

The date for Warsh’s swearing-in has yet to be scheduled.

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