Federal Reserve Governor Stephen Miran has officially tendered his resignation, announcing his departure from the central bank’s board effective either concurrently with or just prior to incoming Chair Kevin Warsh assuming his new role. Miran, who was known for his contrarian views during his brief tenure, expressed strong support for Warsh’s impending leadership.

Throughout his time on the rate-setting Federal Open Market Committee (FOMC), Miran consistently stood apart from the majority. He notably voted against all three quarter-percentage-point rate reductions approved by the FOMC in 2025. This year, he again dissented from the three decisions to maintain steady interest rates, advocating instead for quarter-point cuts. His tenure, which began last September filling an unexpired term after Adriana Kugler’s resignation, saw him cast a “no” vote in every one of the six meetings he attended.

In his resignation letter, Miran described his service as “the highest honor of my life” and conveyed his optimism for the future under Warsh, who recently secured Senate confirmation. Miran articulated his excitement for potential shifts Warsh might introduce across several key areas, including communications policy, the Federal Reserve’s balance sheet strategy, and a renewed focus on the central bank’s narrow mandate, steering clear of broader political and cultural debates.

Miran has also been a vocal proponent of a more forward-looking approach to monetary policy, urging the Fed to better account for non-monetary influences on the economy. He specifically highlighted the implications of decelerating population growth, reduced immigration on employment, and the disinflationary effects of deregulation. Furthermore, he supported measures to reduce regulatory hurdles for banks and spearheaded research advocating for a reduction in the Fed’s substantial $6.7 trillion asset holdings on its balance sheet. He emphasized the necessity for policymaking to anticipate these effects given the inherent lags in monetary policy.