A notable departure occurred at the Fed. The Federal Reserve announced that board member Stephen I. Millan has resigned. Milan’s resignation will take effect on or immediately before Kevin Warsh takes over as Fed chairman, the agency said in a statement.
Stephen Milan began his term on the Federal Reserve Board of Governors on September 16, 2025, filling a vacancy that was scheduled to expire on January 31, 2026. Mr. Millan’s resignation signals an accelerating change in the Fed’s leadership as President Kevin Warsh’s administration prepares for new leadership.
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The move was necessary because there were no other vacancies on the seven-member board for Mr. Warsh, and Mr. Millan’s term technically expired in January.
The Fed’s statement also included details about Mr. Millan’s past roles. Before joining the Fed, Millan served as chairman of the Council of Economic Advisers in the administration of President Donald Trump. He also worked as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Studies.
*This is not investment advice.
