Trump’s former economic advisor Stephen Miran steps down from Fed board, supports Kevin Warsh as new chair

Federal Reserve Governor Stephen Miran joins ‘Mornings with Maria’ to discuss inflation, market optimism about rate cuts. his outlook on President Donald Trump’s tariffs.

Federal Reserve Governor Stephen Miran officially submitted his resignation Thursday. which will take effect upon or shortly before his successor, Chairman-designate Kevin Warsh, is sworn in.

The former chair of President Donald J.Trump's Council of Economic Advisors(CEA). who began his term in September 2025, Miran resigned from his role as CEA chair in February, following through on a commitment to theSenateto fill the Federal Reserve seat vacated by Governor Adriana Kugler, whose term ended Jan. 31.

In his resignation letter to the president. he touted significant conservative regulatory victories, specifically highlighting his fight against political overreach in the banking sector.

Miran emphasized his support for the removal of "reputational risk" guidelines, a mechanism he argued was previously used by regulators. examiners to force their own political preferences regarding "firearms,climateor any other matter" onto the customers of American banks.

Stephen Miran. former chairman of the Council of Economic Advisors, walks outside the White House in Washington, D.C.(Aaron Schwartz/Sipa/Bloomberg via Getty Images / Getty Images)

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He also celebrated his work alongside Vice Chairwoman Michelle Bowman to slash "accumulated excessregulation," an effort. successfully freed up over $100 billion in capital.

The deregulation reduced leverage constraints, allowing banks to more freely extend credit to U.S. households and businesses without being penalized for holding safe assets like U.S. Treasuries.

Onmonetary policy. Miran warned that the Federal Reserve risks fighting "fake rather than real inflation" if it fails to account for current economic biases.

Federal Reserve Governor Stephen Miran touted significant conservative regulatory victories in his resignation letter to President Donald Trump.(Michael Nagle/Bloomberg via Getty Images. File / Getty Images)

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He argued that reduced immigration. increased supply-side deregulation are "powerfully disinflationary" forces and cautioned that inflation metrics are currently skewed by unavoidable biases, such as those found in portfolio management fees and AI-driven software.

Failing to adjust for the measurement errors, he said, could force the Fed to unnecessarily drive up unemployment.

Miran said he was excited thatChairman-designate Warsh will returnthe Federal Reserve to its "narrow mandate. out of hot-button political and cultural issues," while continuing the crucial work of shrinking the central bank's balance sheet and overall footprint in the U.S. financial system.

Kevin Warsh, nominee for chairman of the Federal Reserve, is sworn in to his Senate Banking, Housing. Urban Affairs Committee confirmation hearing, April 16, in Washington, D.C.(Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

Warsh. 56, was confirmed by the Senate on Wednesday as the next Federal Reserve chair, taking over for Jerome Powell, whose term will expire Friday.

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The Federal Reserve Board of Governors did not immediately respond to FOX Business' request for comment.

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