HUNT VALLEY, Md. (TNND) — Stephen Miran, the top economic advisor to President Donald Trump, quit the White House on Tuesday to remain at the Federal Reserve, where he has served as a temporary governor.
Miran submitted to Trump his letter of resignation, a copy of which was obtained by The National News Desk (TNND), in which the economist said his commitment to the Fed and to his word was most important. Miran told the Senate during his Fed confirmation hearing that he would quit the White House if he serves as a governor for an extended period.
“While I took an unpaid leave of absence from the Council to come to the Federal Reserve, I promised the Senate that if I should stay on the Board past January, I would formally depart the Council,” Miran said Tuesday.
“I believe it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and the Senate appointed me.”
The White House showed appreciation for Miran’s work on the Council of Economic Advisors when reached by TNND.
“Prior to the start of Stephen’s leave last September, his brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House, and he established himself as a key member of the Trump administration’s economic team,” spokesman Kush Desai said.
Democratic lawmakers have rejected the White House’s assessment of Miran. The minority members of the Senate banking committee said in a letter to him on Monday that he has exacerbated economic issues.
“At worst, you are doing the President’s bidding and threatening to put the nation on the same path of high inflation and high unemployment – known as stagflation – we experienced when President Nixon similarly co-opted the Federal Reserve,” the Democrats wrote.
Miran joined the Fed in September for a term ending last Saturday, although he can remain on the board until his successor is confirmed. Trump has supported the economist’s work at the agency, but critics of the administration have found fault with Miran’s policy positions.
The banking Democrats have called on him to quit the Fed, which they claim has been jeopardized as an independent body under the president.
“Your service at the Federal Reserve has apparently lacked independence from the White House,” the lawmakers wrote.
“Despite empirical evidence that inflation remains elevated and the labor market is weaking, your voting record appears to be a product of the President’s pressure campaign to influence interest rates rather than sound analysis,” the Democrats added.
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