Fed Governor Stephen Mikan Submits Resignation

Federal Reserve Governor Stephen Mikan submitted his resignation on May 14, effective upon the swearing-in of his successor or shortly before, according to the source. Mikan, who has served as a member of the Federal Reserve Board since September 16, 2025, cited disagreements with the Fed’s inflation measurement methodology in his resignation letter.

Resignation and Policy Criticism

In his resignation, Mikan criticized the Federal Reserve’s approach to measuring inflation. He stated that without adjustments to “these errors,” the Fed’s policies would “let unemployment rise to unnecessarily high levels, and [the Fed would be] fighting false rather than real inflation.” Mikan expressed optimism about changes planned by Wosh at the Federal Reserve, including adjustments to the Fed’s communication strategy and balance sheet policy.

Voting Record and Dovish Stance

Mikan is characterized as a prominent dove within the Federal Reserve. During his tenure on the Board, he voted in favor of rate cuts at every policy meeting, including casting dissenting votes to urge rate cuts larger than those supported by other officials.