Federal Reserve Board member Milan officially resigns, will step down from the Federal Reserve Board position

Federal Reserve Board Governor Stephen Milam formally submitted his resignation on Thursday, saying he will step down from his role as a Federal Reserve Board Governor.

Milam took over as a Board Governor in September last year, replacing then-Fed Governor Kuggler. Kuggler abruptly resigned in August 2025, and Milam filled the unexpired term. Within the Federal Open Market Committee (FOMC), Milam has consistently played the role of a “dissenter.” In each of the six meetings he has attended since taking office, he voted against.

In his resignation letter, Milam said that this brief stint in the role was the highest honor of his life, and he expressed confidence in Wosh. Wosh was confirmed by the U.S. Senate this Wednesday to officially serve as the Federal Reserve Chair. Before joining the Federal Reserve, Milam served as Chairman of the President’s Council of Economic Advisers.

In the letter, Milam wrote: “Looking ahead, I am thrilled by the potential changes that incoming Chair Kevin Wosh and the Federal Reserve may implement in areas such as communication policy and balance sheet policy. I also look forward to the Federal Reserve returning to its core responsibilities and staying away from political and cultural controversies.”

Milam has consistently advocated for rate cuts. For the three 0.25-percentage-point rate-cut decisions approved by the 2025 FOMC, he voted against all of them. This year, facing three decisions to keep interest rates unchanged, he also voted against, and instead supported a 25-basis-point rate cut.

In addition, Milam said he has been pushing the Federal Reserve to take a more forward-looking approach to monetary policy, and believes the Federal Reserve needs to better incorporate non-monetary factors and their impact on monetary policy.

Milam also expressed support for a series of measures recently introduced by the Federal Reserve to lower bank regulatory thresholds, and he led related research on how the Federal Reserve should reduce the size of its balance sheet and its asset holdings of up to $6.7 trillion.

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