Fed Governor Stephen Miran Quits His White House Economist Job, Keeps His Fed Seat

Stephen Miran resigned as chairman of the White House Council of Economic Advisers in early February 2026 while remaining a governor of the Federal Reserve Board. Miran had joined the Fed in September 2025 to fill an unexpired term set to end January 31, 2026, and had taken unpaid leave from the CEA rather than giving up the White House post — an arrangement that drew criticism because it placed a sitting Fed governor inside the President's economic advisory apparatus. He had said he would leave the CEA if he stayed at the Fed past the original term date, and he did.

Central bank independence rests on the premise that monetary policymakers are insulated from direct White House direction. Miran's simultaneous service in both institutions tested that premise, and his voting record drew attention: he dissented at four Federal Open Market Committee meetings in favor of larger rate cuts than the committee adopted, at a time when Trump had spent months publicly pressing the Fed to cut rates.

Miran remains a Federal Reserve governor. A White House spokesperson praised his tenure at the CEA, and Miran said he would continue working on "maximum employment and stable prices" at the Fed.