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Federal Reserve Board Governor Stephen Miran delivered a speech titled “Regulation, Supply Side and Monetary Policy” at the Delphi Economic Forum lecture event held at the National Gallery in Athens, Greece, on January 14, 2026.
Louisa Gulyamaki | Reuters
Federal Reserve Governor Stephen Miran has resigned as chairman of the Council of Economic Advisers, CNBC confirmed.
Milan joined the Trump administration’s Economic Advisory Council in January 2025. He has been on leave since becoming a member of the Fed’s Board of Governors in September 2025.
Millan was appointed in September to fill the unexpired term of former Gov. Adriana Kugler, a Biden appointee. Resigned suddenly in August. At the time, Miran said he hoped to fill Kugler’s term, which expires on Jan. 31, and then return to the CEA position.
Since taking over as Fed chairman, Milan has advocated for deep interest rate cuts. He voted “no” at each of the four FOMC meetings he attended. Central bank policymakers cut benchmark interest rates by a quarter of a percentage point three of the meetings;Milan advocates reducing the score by half a point.
Recently, he voted against Policymakers decided to keep interest rates steady in a range of 3.5% to 3.75% at their January meeting. He wants to lower interest rates by a quarter of a percentage point.
Barron’s first reported Milan’s plans to leave CEA.
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