• Stephen I. Miran resigns from Federal Reserve Board, effective upon successor's swearing-in
• Miran served since September 2025, filling an unexpired term ending January 2026
• Formerly chaired Trump's Council of Economic Advisers and worked at Treasury and Hudson Bay Capital

• Survey of 300+ banks (median assets <$5bn) shows reserve balance strategies and discount window views
• Second survey (top 75% of reserve balances) conducted with NY Fed in March 2026
• Results aim to inform Fed policy on liquidity tools and balance sheet management