Fed Governor Miran submits resignation, throws support behind Warsh as new chair
CNBC • • general
Key Points:
- Federal Reserve Governor Stephen Miran submitted his resignation, planning to leave when or just before new Chair Kevin Warsh assumes his role.
- Miran served as a dissenting voice on the Federal Open Market Committee, consistently voting against rate cuts and advocating for lower interest rates.
- He praised Warsh's upcoming leadership, expressing optimism about potential changes in Fed policies, including communications, balance sheet management, and maintaining a narrow Fed mandate.
- Miran emphasized the need for a forward-looking monetary policy that accounts for demographic changes and deregulation as factors influencing inflation and employment.
- He supported recent Fed efforts to reduce regulatory barriers for banks and advocated for shrinking the central bank's balance sheet and asset holdings.