Miran to resign ‘when or shortly before’ Warsh takes seat as Fed governor and chair

Stephen Miran submitted a letter of resignation from the Federal Reserve Board Thursday to make way for the return of Kevin Warsh, whose nominations this March by President Donald Trump to the Fed Board as a governor and chair were approved by the Senate Tuesday and Wednesday.

Miran, in his letter, said he would depart the Fed post “effective upon or shortly before” Warsh’s swearing-in.

Warsh was on the Fed Board from February 2006 through March 2011, a period that covered the leadup to and through the 2008 financial crisis; he resigned April 2, 2011. He will soon begin a 14-year board term that continues through January 2040 and a four-year term as the Fed’s board chair, replacing Jerome (“Jay”) Powell, whose term as chair expires May 15.

Powell has said he intends to remain on the board past that date to complete his term as a Fed governor, which expires in January 2028.

Miran, who has pressed regularly for decreasing the federal funds rate, was confirmed last year to fill the unexpired term of Adriana Kugler, who resigned her post in August. His term officially expired in January.

Stephen I. Miran submits his resignation as a member of the Federal Reserve Board, effective when or shortly before his successor on the Board is sworn in