Miran departs Fed governor role as Warsh prepares for chairmanship amid ethics scrutiny
Stephen Miran has left his position at the Federal Reserve, handing over policy ideas to incoming chair Kevin Warsh, who faces immediate questions over divestment compliance.
Stephen Miran has exited his position as a Federal Reserve governor, concluding his tenure at the central bank. The departure coincides with the confirmation of Kevin Warsh as the 17th Chair of the Federal Reserve by the US Senate on Wednesday.
According to reports from CNBC, Miran shared significant policy ideas with Warsh during the transition. The outgoing governor is understood to have briefed the incoming chair on key concepts, although the specific content of these discussions has not been detailed in public records.
Warsh, who was confirmed by the Senate on Wednesday, has pledged to divest all financial assets to comply with ethics rules that prohibit Federal Reserve officials from holding stock in banks or banking institutions. During his nomination hearing in April, Warsh stated he had worked with the Office of Government Ethics and agreed to sell all financial assets if confirmed.
The divestment process has drawn attention from US Senator Elizabeth Warren, chair of the Senate Banking Committee. In a letter sent on Friday morning, Warren formally requested a detailed update from Warsh regarding the sale of his holdings.
Warren’s inquiry specifically seeks transparency on the identity of buyers and the terms under which Warsh sold his assets, particularly those tied to the Juggernaut Fund and other investment vehicles. The request underscores the heightened scrutiny surrounding the new chair’s compliance with federal ethics standards as he prepares to lead the central bank.
