Federal Reserve Governor Stephen Milan has announced his resignation, effective upon or before the inauguration of new Chair Kevin Warsh. Milan, who joined the Board of Governors in August 2025, has been a vocal critic of the Federal Open Market Committee's (FOMC) interest rate policies. Throughout his tenure, he consistently opposed the FOMC's decisions, advocating for more significant rate cuts than the three 25-basis-point reductions implemented in 2025. Milan argued that personal consumption expenditures (PCE) inflation, particularly in housing, would normalize and that the Fed should adopt a more forward-looking monetary policy. He emphasized the need to consider non-monetary factors, such as demographic changes and deregulation, which he believes impact monetary policy. Milan's resignation marks a significant shift in the Fed's leadership dynamics as the institution prepares for new leadership under Warsh.