Miran took unpaid leave in 2025 after US President Donald Trump nominated him to temporarily fill a vacancy on the Federal Reserve (Fed) Board of Governors. This occurred following the unexpected resignation of Governor Adriana Kugler, whose term was originally set to conclude at the end of January 2026.

Miran stated he had received legal advice indicating he was not required to leave his White House position, as his role at the Fed was expected to last only a few months. However, this duty has extended beyond initial expectations.

"I promised the Senate that if I continued on the Board of Governors after January, I would formally leave the White House Council of Economic Advisers (CEA). I believe it is important to keep my promise as I continue the work at the Fed that you and the Senate approved for me," Miran wrote in his resignation letter dated 3/2.

Fed Board of Governors member Stephen Miran. Photo: Reuters

On 31/1, President Trump announced his nomination of former Fed Governor Kevin Warsh as the next Fed chairman, succeeding Jerome Powell. If confirmed by the Senate, Warsh would replace Miran on the Board of Governors. Until such confirmation, Miran must continue in his current role.

The White House has not yet commented on whether Pierre Yared, the current acting CEA chairman, will be officially appointed to the position.

During recent Fed policy meetings, Miran consistently voted against the majority decision, advocating for more aggressive interest rate cuts. President Trump has also openly expressed his desire for the central bank to reduce rates, even considering support for monetary easing as a key criterion when selecting a new Fed chairman.

The Fed has recently navigated a period of turbulence. Last month, Powell revealed that the US Department of Justice (DOJ) was conducting a criminal investigation into him, related to his Senate testimony concerning a Fed headquarters renovation project. Powell, however, believes this is merely an "excuse" to pressure him into more significant interest rate reductions.

Last year, the DOJ also launched an investigation into Fed Governor Lisa Cook, based on allegations of fraud in her home loan application. Cook has denied any wrongdoing and has filed a lawsuit to prevent President Trump's attempts to remove her. The US Supreme Court is currently reviewing the lawsuit.

Ha Thu (according to Reuters)