Markets 
Federal Reserve Governor Stephen Miran officially submitted his resignation Thursday, which will take effect upon or shortly before his successor, Chairman-designate Kevin Warsh, is sworn in.
The former chair of President Donald J. Trump’s Council of Economic Advisors (CEA), who began his term in September 2025, Miran resigned from his role as CEA chair in February, following through on a commitment to the Senate to fill the Federal Reserve seat vacated by Governor Adriana Kugler, whose term ended Jan. 31.
In his resignation letter to the president, he touted significant conservative regulatory victories, specifically highlighting his fight against political overreach in the banking sector.
Miran emphasized his support for the removal of “reputational risk” guidelines, a mechanism he argued was previously used by regulators and examiners to force their own political preferences regarding “firearms, climate or any other matter” onto the customers of American banks.
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He also celebrated his work alongside Vice Chairwoman Michelle Bowman to slash “accumulated excess regulation,” an effort that successfully freed up over $100 billion in capital.
The deregulation reduced leverage constraints, allowing banks to more freely extend credit to U.S. households and businesses without being penalized for holding safe assets like U.S. Treasuries.
On monetary policy, Miran warned that the Federal Reserve risks fighting “fake rather than real inflation” if it fails to account for current economic biases.
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He argued that reduced immigration and increased supply-side deregulation are “powerfully disinflationary” forces and cautioned that inflation metrics are currently skewed by unavoidable biases, such as those found in portfolio management fees and AI-driven software.
Failing to adjust for the measurement errors, he said, could force the Fed to unnecessarily drive up unemployment.
Miran said he was excited that Chairman-designate Warsh will return the Federal Reserve to its “narrow mandate and out of hot-button political and cultural issues,” while continuing the crucial work of shrinking the central bank’s balance sheet and overall footprint in the U.S. financial system.
Warsh, 56, was confirmed by the Senate on Wednesday as the next Federal Reserve chair, taking over for Jerome Powell, whose term will expire Friday.
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The Federal Reserve Board of Governors did not immediately respond to FOX Business’ request for comment.
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