Federal Reserve Governor Stephen Miran said he will resign from the central bank effective once incoming Chair Kevin Warsh is sworn into office, or shortly before.
The move by Miran was expected given his seat on the Fed’s Board of Governors will be taken by Warsh.
In a letter announcing his resignation, Miran was critical of the Fed’s approach to measuring inflation and said if the central bank “doesn’t adjust for these errors, it will run unemployment higher than it has to, fighting fake rather than real inflation.”
Miran also said he’s excited about the changes that Warsh plans to make at the Fed, including a shake-up of its communications and balance sheet policies.
Miran, who joined the Fed in September, initially took unpaid leave from his White House job when joining the central bank, before resigning from that post in February. A noted dove, Miran voted for interest-rate cuts in every policy meeting during his period as a policymaker, including dissenting votes urging the central bank to cut by more than fellow officials agreed.
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The Senate on Wednesday narrowly confirmed Kevin Warsh as chair of the Fed, clearing the way for his swearing soon after outgoing Chair Jerome Powell’s term ends on Friday.
This story was originally featured on Fortune.com
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