Stephen I. Miran submits his resignation as a member of the Federal Reserve Board | Metals Mine

  • Stephen I. Miran submits his resignation as a member of the Federal Reserve Board

    From federalreserve.gov

    Stephen I. Miran submitted his resignation Thursday as a member of the Federal Reserve Board, effective when or shortly before his successor on the Board is sworn in. He has been a member of the Board since September 16, 2025, when he took office to fill an unexpired term ending January 31, 2026. Prior to his appointment to the Board, Dr. Miran served as chairman of the Council of Economic Advisers under President Donald J. Trump. He previously worked as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research. From 2020 to 2021, Dr. Miran served as ... (full story)

Added at 1:03pm

  • Miran Resignation Letter

    From federalreserve.gov Story is in PDF Format

    I hereby tender my resignation from my seat on the Board of Governors of the Federal Reserve System, effective upon or shortly before the swearing in of Kevin Warsh. Serving on the Board, together with previously serving as the Chairman of your Council of Economic Advisers, has been the highest honor of my life. During my time on the Board, I have argued that the Federal Reserve needs to do a better job accounting for nonmonetary forces and their implications for monetary policy. Among these powerful forces are the consequences of lower population growth as a result of reduced immigration, which history teaches is ... (full story)

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FlyingTurtle
May 14, 2026 1:19pm
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Google says: Warsh is technically replacing Powell as Chair, but he is replacing Miran as Governor. Without Miran vacating his physical seat, Warsh cannot legally join the board to take over the leadership role from Powell.

Because Powell is staying on the board, the only way to get incoming Chair Kevin Warsh onto the board is to give him Miran's seat.

Miran was specifically appointed in late 2025 to a short, temporary holdover term that had already expired on January 31, 2026. By law, he could remain in the seat until a replacement was confirmed.
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ffghost
May 14, 2026 1:06pm
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Interesting. I didn't see that coming.

If THAT is the reason for the current 5-minute equity bar I would be astounded though. He would have sought rate cuts, but there were none priced in until 2027 anyway.

Seems more like a 2PM EST "buy the dip" opportunity with the VIX asleep at the wheel.

I guess it opens the door for an alternative Trump appointee though, right?
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chipsngravey
May 14, 2026 1:09pm
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Yeah, Trump will be looking for another puppet to replace him.
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The Fool
May 14, 2026 1:27pm
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JPow is serving a 14 yr term as a Governor and that does not expire until 1/31/2028. No other governors' terms are expiring during Trump's term. Only the Board of Governors is nominated by the POTUS. So, Trump will have no other lackeys to install at the Fed. Unless one of the other Governors leaves or is ousted.
AaronWard
May 14, 2026 1:47pm
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Any clue why he left? His parting letter was basically a "cut more, faster" love note.
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The Fool
May 14, 2026 2:11pm
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he had to vacate a seat to make room for Warsh
ffghost
May 14, 2026 2:25pm
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I thought Miran took the seat of the other lady who resigned due to the insider trading concerns. Or is her seat still open?

If what you say is true, then this certainly wasn't unexpected at all I suppose, now that Warsh is confirmed.


I saw this from an article late last year...which is why I thought Miran would be sticking around...but I guess since Powell isn't "leaving", it makes sense that Miran had to go first.

"After Kugler announced her exit, President Donald Trump said he was “very happy” about having an open spot on the Fed Board. Trump filled the seat by tapping Stephen Miran, one of his top economic advisers. Miran has participated in two Fed meetings and broken ranks with the vast majority of Fed officials each time."
https://www.cnn.com/2025/11/15/busin...kugler-trading
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The Fool
May 14, 2026 2:32pm
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Trump has been trying to fire Lisa Cook, something still on the docket at SCOTUS. She didn't resign. Miran took the seat vacated by Kugler. No others resigned.
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FlyingTurtle
May 14, 2026 1:08pm
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Is he pissed that Trump didn't pick him or does he not like Warsh?
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Trader#5697
May 14, 2026 2:19pm
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This dude is pissed that he has been calling for cutting rate but no one in FED seems to give him a damn lolzzzzz hahahahaha so funny lol
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Trader#7635
May 15, 2026 5:16am
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Neither, dumbass. Miran had to forfeit his chair so Warsh could have one.
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Bahgatov
May 14, 2026 3:04pm
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It's been the plan all along, there was no other way. Warsh will get the job very soon
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EWtrader
May 14, 2026 1:06pm
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so no more puppeting?
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Trader#7369
May 14, 2026 1:05pm
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thanks for the TP
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