According to BlockBeats, U.S. Treasury Secretary Besant defended a special personnel arrangement involving Milan, which allows him to temporarily leave his White House position while serving as a Federal Reserve Board member. Besant stated on Tuesday, "I believe there is nothing non-compliant about this." The U.S. Senate approved Milan's nomination to the Federal Reserve Board in a largely party-line vote on Monday evening, and he will participate in this week's Federal Open Market Committee (FOMC) meeting.
Besant further explained, "If he chose not to temporarily leave the White House position but instead resigned, the position would remain vacant. Additionally, when he leaves the Federal Reserve in January or February next year, he would need to be reconfirmed by the Senate to return to the White House. I think this move sends a clear signal: the plan is for him to return to the White House Council of Economic Advisers and serve as its chairman in the future."
U.S. President Donald Trump may nominate Milan in February to continue as a Federal Reserve Board member for a full 14-year term, or he could choose someone else. If Trump does not select another candidate for the new term, Milan could remain indefinitely.