Fed Governor Stephen Miran resigns, cites deregulation wins
Federal Reserve Board member Stephen Miran submitted his resignation on Thursday, with his departure set to take effect when or shortly before his successor is sworn in. Miran has served on the Board since September 16, 2025, filling an unexpired term that ended January 31, 2026.
Before joining the Fed, Miran served as chairman of the Council of Economic Advisers under President Donald J. Trump. He previously worked as a senior strategist at Hudson Bay Capital Management and as a senior fellow at the Manhattan Institute for Policy Research. From 2020 to 2021, he served as senior adviser for economic policy at the U.S. Department of the Treasury.
In his resignation letter to the President, Miran outlined his positions during his tenure on the Board. He argued that the Fed needs to better account for nonmonetary forces, including the effects of lower population growth from reduced immigration and the impact of deregulation on the supply side, which he described as disinflationary.
Miran also highlighted what he characterized as biases in inflation measurement, specifically citing portfolio management fees and composition and quality adjustment issues in software as inflation grows due to artificial intelligence developments. He warned against fighting what he termed fake inflation rather than real inflation.
On the regulatory front, Miran supported Vice Chairwoman Michelle Bowman’s efforts to adjust bank regulations. Through these actions, over $100 billion of capital was released back into the banking system and leverage constraints were reduced. The changes aim to allow banks to extend credit to households and businesses and to hold U.S. Treasuries without penalty.
Miran also supported the removal of reputational risk as a channel through which regulators could impose political preferences on banks’ customers regarding matters such as firearms and climate.
Looking ahead, Miran expressed support for changes that Chairman-designate Kevin Warsh may make in areas including communications policy, balance sheet policy, and keeping the Fed focused on its narrow mandate. He said that laying out paths to reduce the balance sheet was a major workstream for him this spring.
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