Treasury Secretary Besant emphasized that Milan’s temporary shift to the Federal Reserve was approved without compliance issues, noting he could return as White House economic adviser after his Fed service.
US Treasury Secretary Besant defended the arrangement permitting Milan to temporarily leave his White House role to serve as a Federal Reserve governor. Besant clarified there were no compliance concerns, and Milan is expected to return as chairman of the White House Council of Economic Advisers once his Fed tenure ends. The Senate approved Milan’s nomination in a partisan vote, and he will participate in this week’s FOMC meeting. President Trump may nominate him for a full 14-year term in February or choose another candidate. If no replacement is appointed, Milan could remain indefinitely.