Investing.com -- Stephen Miran submitted his resignation from the Federal Reserve Board on Thursday after serving eight months as a Governor, clearing a seat for Chairman-designate Kevin Warsh to join the seven-member board.

Miran’s term officially expired on January 31, 2026, but he continued serving under a holdover provision. With Jerome Powell remaining on the Board as a Governor after stepping down as Chair, no vacant seats were available without Miran’s departure. His resignation takes effect when or shortly before his successor is sworn in.

Miran joined the Fed in September 2025 after serving as Chair of the Council of Economic Advisers. He initially attempted to hold both positions simultaneously but resigned from the White House in February 2026 following pressure from Senate Democrats questioning his independence.

During his tenure, Miran consistently voted for larger interest rate cuts than his colleagues. In his resignation letter, he argued the Fed was addressing inflated readings by not accounting for measurement errors in calculating AI software quality and financial fees, the effects of deregulation, and demographic changes from immigration policy.

Miran worked with Vice Chairwoman Michelle Bowman to roll back banking regulations, releasing over $100 billion in capital into the banking system. He supported eliminating reputational risk guidelines that affected bank relationships with firearms manufacturers and energy companies.

In his departure letter to the President, Miran said he spent recent months preparing plans for reducing the Fed’s balance sheet, a priority shared with Warsh. Miran is expected to return to the private sector or take an advisory position within the administration.