His resignation was confirmed by White House spokesman Kush Desai late Tuesday.

President Donald Trump appointed Miran in September to a seat on the Fed’s seven-member board of governors after Adriana Kugler, who was appointed by President Joe Biden, abruptly resigned.

Federal Reserve governor Stephen Miran resigned from his position as chair of the White House’s Council of Economic Advisers. AP

Miran completed her term, which ended Jan. 31.

Yet he can remain on the Fed’s board until a replacement is confirmed by the Senate.

It is unusual for someone to keep a White House position while also serving as a Fed governor, a nonpartisan position.

Previous presidents have appointed aides to the Fed, but for decades they gave up their White House positions before joining the Fed. Miran took an unpaid leave of absence instead.

Miran said when he was named in September that he would step down from his position at the CEA if he remained on the Fed board after Jan. 31.

Miran’s tenure ended on Jan. 31 as White House spokesman Kush Desai confirmed his departure from his position late Tuesday. AFP via Getty Images

Fed governors vote on interest rate decisions and bank regulatory policy.

“In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers,” Desai said.

The move underscores the intrigue around the Fed and its upcoming personnel changes.

Trump has nominated Kevin Warsh, a former Fed official, to replace current Fed chair Jerome Powell, whose term atop the central bank ends May 15.

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Yet Powell could, under a quirk in the Fed’s structure, remain on the board after his term as chair ends and deny Trump the opportunity to fill another seat.

Many observers, as result, expect Warsh to take Miran’s seat and then be elevated to replace Powell in May, but that sequence of events hasn’t yet been confirmed.

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“I am your host. Well, at least for tonight,” Fallon said during Monday’s monologue.

Fallon, who made a cameo appearance on “The Late Show with Stephen Colbert” on Monday in a show of support for his longtime rival, also took aim at CBS and its parent company Paramount Global.

“Everybody is talking about CBS’ decision to end ‘The Late Show with Stephen Colbert’,” Fallon said, before setting up his next joke by claiming many viewers are “now threatening to boycott the network.”

“CBS could lose millions of viewers, plus tens of hundreds watching on Paramount+.”

Jimmy Fallon, host of NBC’s “Tonight Show,” reacted to CBS’s decision to cancel rival Stephen Colbert’s “Late Show.” NBC

The former “SNL” star also quipped: “These are crazy times. This morning my dad called me and said he’s officially a Kimmel guy,” referring to the third member of the late-night fraternity, ABC’s Jimmy Kimmel.

Fallon went on to praise Colbert’s contributions to late-night television while taking a shot at President Trump.

“Stephen has done years of incredibly smart and hilarious television, and he’s won 10 Emmys,” Fallon said.

“Trump heard and was like, ‘Big deal, last week I just won a FIFA World Cup trophy.’”

The joke was a reference to Trump’s appearance alongside members of the Chelsea soccer team after it captured the FIFA World Cup championship at MetLife Stadium in New Jersey last week.

“Stephen has done years of incredibly smart and hilarious television, and he’s won 10 Emmys,” Fallon said. Colbert is seen above. CBS

Fallon — whose contract with NBC runs through 2028 — had previously released a written statement on the cancellation of Colbert’s show, saying: “I’m just as shocked as everyone. Stephen is one of the sharpest, funniest hosts to ever do it. I really thought I’d ride this out with him for years to come.”

His remarks Monday came on the heels of scathing commentary from Jon Stewart and Colbert himself, both of whom criticized CBS and Paramount for the decision to end the top-rated late-night show.

While CBS has maintained that the cancellation was “purely a financial decision” unrelated to the show’s performance, others have voiced skepticism.

Protesters are seen outside the Ed Sullivan Theater in Manhattan on Monday denouncing CBS. REUTERS

Lawmakers, media observers, union leaders and fellow late-night hosts questioned the timing and motivations behind the move — particularly in light of Paramount Global’s recent $16 million settlement with Donald Trump and its pending $8 billion merger with Skydance Media.

Three days before getting axed, Colbert had criticized the Trump settlement on air, calling it a “big fat bribe.”

Critics have accused Paramount and CBS of yielding to political pressure from Trump in an attempt to secure favorable regulatory treatment from the Federal Communications Commission, which is reviewing its long-stalled $8 billion merger with Skydance Media.

Jon Stewart of Comedy Central’s “Daily Show” also came to Colbert’s defense. AP

Sen. Elizabeth Warren was among those who voiced concern, posting on X: “CBS canceled Colbert’s show just THREE DAYS after Colbert called out CBS owner Paramount for its $16 M settlement with Trump… America deserves to know if his show was canceled for political reasons.”

Skydance CEO David Ellison — whose company is seeking to merge with Paramount — recently met with FCC Chairman Brendan Carr and promised that the combined media entity would reflect “the varied ideological perspectives of American viewers.”

The meeting has only fueled speculation that Colbert’s ouster was intended to neutralize a high-profile Trump critic ahead of the FCC’s ruling.

CBS has not publicly responded to Fallon’s comments. Paramount Global also has not issued a statement in response to Stewart or Colbert’s criticisms.

Colbert took over hosting duties of the “Late Show” from David Letterman in 2015

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Welcome to Today in Books, our daily round-up of literary headlines at the intersection of politics, culture, media, and more.

Stephen King Retells Hansel and Gretel

Stephen King has not only spun a retelling of gruesome Brothers Grimm fairytale in a picture book featuring illustrations by none other than the late, great Maurice Sendak; he’s also narrating the audio edition. A little background: Sendak created the illustrations as set and costume designs for his 1998 production of Engelbert Humperdinck’s Hansel and Gretel opera, and King reimagined the fairytale to loosely fit the designs. On taking a look at Sendak’s picture of the candy house, King said, “I thought, This is what the house really looks like, a devil sick with sin, and it only shows that face when the kids turn their backs.” Classic King! The picture book and audio edition of King’s Hansel and Gretel are out this September, and you can listen to an audio clip here.

A Very Cool Person Will Direct a Very Cool Book

If you haven’t watched Past Lives, you really should. The romantic drama stars Greta Lee who carries this singular, powerful restraint in her delivery, which you can also witness in a performance where she plays herself in my favorite episode of The Studio (also a must-watch), “The Oner.” So I leaped on the news that Lee is taking her unique perspective to the director’s chair for the adaptation of Monika Kim’s psychological horror novel, The Eyes are the Best Part. This book and its gory cover were everywhere last year. It was published in June of 2024 so the turnaround on production of this adaptation has been speedy! Lee is also writing the script, and I can’t wait to see what she does with this feminist serial killer story.

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Some Sad News

I want to take a moment to shine some light on one of the people who did the work of making publishing better behind the scenes. Children’s book publisher Katie Cunningham died from complications of ovarian cancer over the holiday weekend. I’m a big fan of Candlewick Press and all they’ve done to make children’s books more inclusive, and Cunningham, who went from assistant to SVP over the span of two decades with the publisher, was by all accounts deeply invested in that mission. She worked with Kareem Abdul-Jabbar on his NAACP Image Award-winning children’s book What Color Is My World: The Lost History of African-American Inventors, Jessica Love on her Stonewall Book Award-winner Julián Is a Mermaid (one of my kids’ favorites), and Charles R. Smith Jr. on the Sports Royalty series among so many other books that help more children see themselves on the page. Learn more about her life, her work, and where you can send donations in her memory here.

Here’s The Next Oprah’s Book Club Pick

“I appreciated the prescience of this story,” Oprah said about the pick during her announcement. “It’s where we are right now in our appreciation and dilemmas surrounding artificial intelligence, centered on an American family we can relate to. I was riveted until the very last shocking sentence!”

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