Federal Reserve Governor Resigns from Council of Economic Advisers

Stephen Miran steps down from CEA role but remains on Fed board

Feb. 4, 2026 at 6:55pm

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Stephen Miran, a Federal Reserve governor, has resigned from his position as chairman of the Council of Economic Advisers (CEA) but will continue to serve on the Federal Reserve board. Miran was appointed to the Fed in September 2025 to replace Adrana Kugler, who resigned in August. He had been on leave from the CEA since his Fed appointment, and his term at the CEA was set to expire on January 31, 2026.

Why it matters

Miran's resignation from the CEA role but continued service on the Fed board highlights the complex relationship between the White House's economic policy team and the independent Federal Reserve. Miran has been a vocal advocate for lower interest rates, which puts him at odds with the Fed's current policy direction under Chair Jerome Powell.

The details

Miran said he expected to fill out Kugler's term on the Fed, which expired on January 31, and then return to the CEA position. However, his Fed term has not been extended, so he has decided to resign from the CEA and remain on the Fed board. In his statement, Miran said he will 'continue to fight for the American people to the best of my ability, pursuing the Federal Reserve's statutory mandates of maximum employment and stable prices'.

  • Miran was appointed to the Fed in September 2025 to replace Adrana Kugler, who resigned in August.
  • Miran's term at the CEA was set to expire on January 31, 2026.

The players

Stephen Miran

A Federal Reserve governor who has resigned from his role as chairman of the Council of Economic Advisers but will remain on the Fed board.

Adrana Kugler

A former Federal Reserve governor who resigned in August 2025, with Miran appointed to replace her.

Jerome Powell

The current Chair of the Federal Reserve, whose term is set to expire in May 2026.

Kevin Warsh

A former Federal Reserve governor who President Trump has announced he will nominate to replace Powell as Fed Chair.

Donald Trump

The President of the United States, who has been pushing the Federal Reserve to lower interest rates.

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What they’re saying

“While I remain at the Federal Reserve, I will continue to fight for the American people to the best of my ability, pursuing the Federal Reserve's statutory mandates of maximum employment and stable prices”

— Stephen Miran, Federal Reserve Governor (UPI)

“his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration's economic team”

— Kush Desai, White House Spokesperson (UPI)

What’s next

President Trump has not officially named a successor to Fed Chair Jerome Powell, whose term expires in May 2026. However, Trump has announced he will nominate former Fed Governor Kevin Warsh to replace Powell. The President can now potentially swap out Miran for Warsh and then promote Warsh to the Fed Chair position.

The takeaway

Miran's resignation from the CEA role but continued service on the Federal Reserve board highlights the complex relationship between the White House's economic policy team and the independent central bank. Miran's advocacy for lower interest rates has put him at odds with the Fed's current policy direction under Chair Jerome Powell, underscoring the ongoing tensions between the administration and the Fed.