Federal Reserve Governor Milan has officially submitted his resignation and will step down from the position of Federal Reserve Governor.

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Federal Reserve Governor Stephen Milan officially submitted his resignation on Thursday, stating that he would step down from his position as a Fed governor.

Milan took over as governor last September, succeeding then-Fed Governor Kugler. Kugler abruptly resigned in August 2025, and Milan filled the remainder of his unexpired term. Within the Federal Open Market Committee (FOMC), Milan has consistently played the role of a “dissenter,” voting against the decision in each of the six meetings he attended since taking office.

In his resignation letter, Milan stated that this brief tenure was the greatest honor of his life and expressed confidence in Waller. Waller was confirmed by the U.S. Senate on Wednesday and officially took office as the Federal Reserve Chair. Before joining the Fed, Milan served as Chair of the President’s Council of Economic Advisers.

In the letter, Milan wrote: "Looking ahead, I am excited about the changes that incoming Chair Kevin Waller and the Fed may carry out in communications policy, balance sheet policy, and other areas. I also look forward to the Fed returning to its core mandates, staying away from political and cultural controversies."

Milan has consistently advocated for rate cuts. He voted against all three FOMC-approved rate cuts of 0.25 percentage points each in 2025. This year, faced with three decisions to keep rates unchanged, he again cast dissenting votes, instead supporting 25-basis-point rate cuts.

In addition, Milan stated that he has always pushed the Fed to adopt a more forward-looking approach to monetary policy and believes the Fed needs to better consider non-monetary factors and their impact on monetary policy.

Milan also expressed support for a series of recent measures by the Fed to lower thresholds in banking regulation and led related research on how the Fed should shrink its balance sheet and manage its $6.7 trillion worth of asset holdings.

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