Stephen Miran, one of President Donald Trump’s top economists, has resigned from his leadership position at the White House’s Council of Economic Advisors (CEA), drawing to a close an unusual dual role that straddled the executive branch and the US central bank.
Exit from the Council of Economic Advisors
According to a letter obtained by cnnMiran stepped down from his post as chair of the CEA on Tuesday. His departure was first reported by Barron’s and later confirmed by CNBC. The move fulfills a commitment Miran made to lawmakers during his confirmation process, underscoring the sensitivities surrounding institutional independence and governance norms in Washington.
In his letter dated Tuesday, Stephen Miran wrote that he had promised senators he would leave the White House should he remain at the Federal Reserve past January.
An unusual overlap between the Fed and the White House
Miran joined the Trump administration’s Council of Economic Advisors in January 2025. He went on unpaid leave from the White House role in September 2025, when he became a member of the Federal Reserve Board of Governors — an uncommon arrangement that attracted attention on Capitol Hill.
He was confirmed by the Senate to serve at the US Federal Reserve while keeping his role at the White House through an unpaid leave, an unusual arrangement. Such overlaps are rare given the Federal Reserve’s emphasis on independence from political institutions.
Filling a vacancy at the Federal Reserve
When he became a Fed governor, Miran took the seat vacated by Biden appointee Adriana Kugler, who stepped down last August. His tenure at the central bank was short-lived, however, concluding on January 31, when his term ended.
During this period, Miran was viewed as one of President Donald Trump’s closest economic advisers, with influence spanning fiscal policy discussions at the White House and monetary policy deliberations at the central bank.
