Federal Reserve Governor Stephen Miran announced Thursday his intention to step down from his position at the central bank when Kevin Warsh assumes the role of Fed chair.
Miran stated he will leave his position either on the day Warsh takes the oath of office or just prior to that ceremony. His departure becomes essential because the seven-member Federal Reserve board has no other vacant positions available for Warsh to occupy, and Miran’s official term concluded in January.
Through a correspondence addressed to President Donald Trump and made public by the Federal Reserve, Miran outlined his advocacy for reduced interest rates. These positions have become well-known through his numerous public statements and the opposing votes he cast at each Fed policy session since he became a board member last September during a break from his role in the Trump administration.
The U.S. Senate approved Warsh’s appointment to lead the Fed earlier this week, though officials have not yet set a date for his swearing-in ceremony.
