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Federal Reserve Governor Miran to Resign Upon Warsh Swearing-In

BY MT Newswires | ECONOMIC | 03:01 PM EDT

03:01 PM EDT, 05/14/2026 (MT Newswires) -- Federal Reserve Governor Stephen Miran said Thursday that he will resign from the Fed before or shortly before Kevin Warsh is sworn in as a governor and Fed Chair.

Miran was filling a term that expired on Jan. 31, 2026, when he said that he would remain in the position until a successor was appointed.

Miran wrote in his resignation letter to US President Donald Trump: "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." He added that serving on the board, together with previously serving as chairman of the Council of Economic Advisers, "has been the highest honor of my life."

Miran's announcement follows the confirmation of Warsh this week to replace Jerome Powell as Fed Chair and as a Fed Governor.

Powell has said he will remain on the board as a governor for an uncertain period of time, so Warsh and Miran could not both remain on the board without exceeding the maximum size.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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