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Stephen Miran, currently the Chairman of the Council of Economic Advisors, testifies before the Senate Banking, Housing and Urban Affairs Committee September 4, 2025 in Washington, DC.
Win Mcnamee | Getty Images News | Getty Images
Stephen Miran will take an unpaid leave of absence as the chair of the Council of Economic Advisors at the White House while filling the vacant seat on the Federal Reserve’s Board if confirmed.
At a confirmation hearing Thursday before the Senate Banking Committee, Miran, President Donald Trump’s nominee for the open Fed Governor role, said he wouldn’t fully resign his position at the White House while serving out the Fed Governor’s term, which expires Jan. 31, 2026. He’s set to replace Adriana Kugler, who resigned unexpectedly at the beginning of August.
Miran’s appointment comes amid speculation that Trump would seek to nominate a “shadow chair” and obtain ample influence in the central bank, raising fears about the central bank’s independence. Miran keeping his White House job while serving as Fed governor could further fuel those concerns.
“I have been advised by counsel that the legal approach is to take an unpaid leave of absence from the Council of Economic Advisors, cease my activities and if council advises me otherwise, I will follow the law and follow council’s advice,” Miran said at the hearing.
“The term for which I’ve been nominated is four and a half months. If I am nominated and confirmed for a longer term than just a handful of months, I would absolutely resign,” he added.
Trump has been pushing for sharply lower interest rates, criticizing current chair Jerome Powell for staying put for too long. At the hearing, Miran repeatedly pledged to uphold the central bank’s independence, stressing that no one at the administration had asked him to commit to easing monetary policy.
The Fed’s next policy meeting takes place on Sept. 16-17.
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