Fed Governor Miran Resigns, Supports Warsh as New Chair

AI Summary

Federal Reserve Governor Stephen Miran submitted his resignation letter and is set to leave his position when new Chair Kevin Warsh takes office. Miran has been a dissenting voice in the Federal Open Market Committee, voting against rate cuts and steady rate holds during his short tenure, which began in September 2025. He emphasized the need for the Fed to focus on its narrow mandate and improve its monetary policy approach. Notably, the Fed's balance sheet currently holds $6.7 trillion in assets, which Miran addressed in his research on monetary policy effectiveness. His resignation comes after supportive actions from the Senate to confirm Warsh's chairmanship.