US Treasury Secretary defends Milan: Personnel arrangements are very compliant and the signal is clear

BlockBeats News, on September 16, U.S. Treasury Secretary Bescent defended a special personnel arrangement on Milan that allowed Milan to temporarily leave his post in the White House while serving as Fed. "I don't think there is anything wrong with this at all," Becent said on Tuesday. The U.S. Senate approved the nomination for the Federal Reserve Board of Directors in Milan in a basically partisan line vote on Monday night local time, and he will attend the Federal Open Market Committee (FOMC) meeting this week. Becent added, "If he does not choose to leave (the White House position) and resign directly, this White House position will remain vacant; and when he leaves the Fed in January or February next year, he will have to pass the Senate confirmation before returning to the White House. I think the signal sent by this move is clear: the plan is to return to the White House Economic Advisory Committee (in the future) and serve as chairman." U.S. President Trump may nominate Milan to continue as a Fed director in February, and a full 14-year term, or he can choose someone else. If Trump doesn't choose someone else to fill his new term, Milan may also remain indefinitely.