Federal Reserve Board member Stephen Miran submitted his resignation on Thursday, indicating his departure will occur when or shortly before his successor takes the oath of office. Miran has been a member of the Board since September 16, 2025, having been appointed to complete an unexpired term that ended January 31, 2026.
In the letter he sent to the President, Miran reviewed the positions he advanced while on the Board. He argued that the Federal Reserve should more fully incorporate nonmonetary factors into its analysis of inflation and the economy. He pointed to lower population growth stemming from reduced immigration and to the supply-side effects of deregulation, describing the latter as having disinflationary implications.
Miran also raised concerns about specific measurement issues in inflation statistics. He cited portfolio management fees as an example of a component that can create biases. He further noted challenges around composition and quality adjustments in software pricing, particularly as inflationary pressures evolve alongside developments in artificial intelligence. He cautioned against addressing what he characterized as "fake inflation" instead of focusing on underlying, real inflation.
On regulatory matters, Miran expressed support for Vice Chairwoman Michelle Bowman’s initiatives to modify bank rules. He credited those regulatory adjustments with releasing more than $100 billion of capital back into the banking system and easing leverage constraints. According to the account he provided in his letter, the changes were intended to enable banks to extend credit to households and businesses more readily and to hold U.S. Treasuries without facing regulatory penalty.
Miran also backed efforts to remove reputational risk as a mechanism through which regulators might impose political preferences on a bank’s customers, citing customer-facing issues such as firearms and climate as examples of areas where reputational risk could otherwise be used to influence lending and services.
Looking forward, Miran signaled his support for adjustments Chairman-designate Kevin Warsh may pursue, including changes to communications policy and balance sheet policy, and for a focus on keeping the Federal Reserve aligned with its narrow statutory mandate. He said that mapping out options to reduce the Fed’s balance sheet was a major workstream for him in the spring prior to his decision to resign.
Background on Miran’s career was included in his resignation submission. Before joining the Fed Board, he served as chairman of the Council of Economic Advisers under President Donald J. Trump. His earlier roles include senior strategist at Hudson Bay Capital Management and senior fellow at the Manhattan Institute for Policy Research. From 2020 to 2021, he was senior adviser for economic policy at the U.S. Department of the Treasury.
Miran’s resignation frames his tenure around both regulatory relief for banks and a push to refine how the Fed measures and responds to inflation. He emphasized supply-side disinflationary forces and measurement distortions as issues the central bank should address as part of its policy deliberations.