Stephen Miran Resigns as White House Economic Adviser, Ending Dual Fed-Executive Role
Stephen Miran, one of President Donald Trump's leading economists, has officially resigned from his position as chair of the White House Council of Economic Advisers (CEA). This move marks the end of an unusual and closely watched arrangement where Miran simultaneously held roles in both the executive branch and the US Federal Reserve, raising questions about institutional independence and governance norms in Washington.
Exit from the Council of Economic Advisers
According to a letter obtained by CNN, Miran stepped down from his post as chair of the CEA on Tuesday. His departure was initially reported by Barron's and later confirmed by CNBC. The resignation fulfills a commitment Miran made to lawmakers during his confirmation process, highlighting the sensitivities surrounding the separation of powers and the Federal Reserve's autonomy from political influence.
In his letter dated Tuesday, Stephen Miran explicitly stated that he had promised senators he would leave the White House if he remained at the Federal Reserve past January. This underscores the importance of maintaining clear boundaries between monetary policy at the Fed and fiscal policy at the White House, a principle that has been a cornerstone of US economic governance.
An Unusual Overlap Between the Fed and the White House
Miran joined the Trump administration's Council of Economic Advisers in January 2025. In a rare move, he went on unpaid leave from this White House role in September 2025 when he became a member of the Federal Reserve Board of Governors. This dual affiliation attracted significant attention on Capitol Hill, as such overlaps are exceptionally uncommon given the Federal Reserve's longstanding emphasis on independence from political institutions.
He was confirmed by the Senate to serve at the US Federal Reserve while retaining his White House position through unpaid leave, an arrangement that blurred the lines between executive branch advisory roles and central bank governance. Critics argued that this could potentially compromise the Fed's impartiality, though Miran's tenure was brief and closely monitored.
Filling a Vacancy at the Federal Reserve
When Miran became a Fed governor, he took the seat vacated by Biden appointee Adriana Kugler, who stepped down in August 2025. His tenure at the central bank was short-lived, concluding on January 31, 2026, when his term ended. During this period, Miran was viewed as one of President Donald Trump's closest economic advisers, wielding influence that spanned both fiscal policy discussions at the White House and monetary policy deliberations at the Federal Reserve.
This unique position allowed him to bridge two critical areas of economic policymaking, but it also fueled debates about the appropriate limits of such cross-institutional roles. As the situation resolves with his resignation, it reinforces the ongoing dialogue about maintaining robust checks and balances in the US economic system.
