Temporary Federal Reserve governor Stephen Miran, who took a leave of absence as chairman of the White House Council of Economic Advisers to finish out the final months of a previous governor's term, has resigned from his role at the White House but will remain with the Fed until his successor there is confirmed.
The move ends Miran's dual role, which he has held since joining the central bank last September, and allows him to keep his promise to step away from the White House role if his time at the Fed extended past Jan. 31, when his term was set to end, The Wall Street Journal reported on Wednesday.
In a letter to President Donald Trump, Miran wrote that he believes "it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and the Senate appointed me."
When he was confirmed for a vacancy at the central bank in September, he opted for an arrangement that would have allowed him to return to his role chairing the CEA once his term as a Fed governor was over.
Trump nominated Miran in August to the Fed to fill out the final months of the term left vacant by the resignation of another official, Adriana Kugler.
His appointment to the Fed led critics to be concerned that the arrangement compromised the Fed's independence.
In concessions to Senate Democrats skeptical of a White House adviser joining the Fed — at a time when Trump was pressuring Chairman Jerome Powell on interest rates and other matters — Miran said he would make policy judgments independently and leave the CEA if his assignment at the Fed lasted longer than expected.
His resignation came after Democrat senators demanded in a letter Monday to know what his plans were.
"Your extended tenure at the Federal Reserve has only compounded what was an improper arrangement from the outset, and this dual employment must end," the letter said.
Meanwhile, Miran's remaining time at the Fed will likely be limited, as Trump is expected to appoint Kevin Warsh, his choice to succeed Powell as chair, to the seat, reports the Journal.
Miran would be able to remain at the Fed until Warsh is confirmed. However, some Republicans in the Senate are resisting efforts from Trump to fill Fed vacancies while a criminal investigation into Powell continues.
Miran joined the Treasury Department near the end of Trump's first term.
He is a Harvard-trained economist who had no government experience, having spent most of his career on Wall Street.
While at the Fed, Miran has supported Trump's demands for steep cuts to interest rates, dissenting in favor of deeper rate reductions than his colleagues on the Fed's policy committee had voted through.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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