Fed's Stephen Miran Resigns, Cites $100B Deregulation

Stephen Miran, Fed Board member since Sep 2025, submitted resignation effective before successor is sworn in, term ended Jan 31 2026.
He argued Fed must consider non‑monetary forces like lower immigration‑driven population growth and deregulation‑induced supply‑side disinflation.
Miran praised Michelle Bowman’s bank‑regulation changes that freed over $100 billion of capital and eased leverage limits for credit expansion.
He supported removing reputational‑risk rules that let regulators impose political preferences on banks’ customers and backs Chair‑designate Kevin Warsh’s balance‑sheet reduction plan.