U.S. Treasury Secretary defends Milan: The personnel arrangements are very Compliance, and the signals conveyed are also very clear.

On September 16, U.S. Treasury Secretary Basant defended a special personnel arrangement for Milan, which allows Milan to step away from his White House position while serving on the Federal Reserve Board of Governors. Basant pointed out on Tuesday, "I don't think there's any issue of non-compliance at all." The U.S. Senate approved Milan's nomination to the Federal Reserve Board in a vote that was largely along party lines on Monday evening local time, and he will attend the Federal Open Market Committee (FOMC) meeting this week. Basant added, "If he chose not to step away (from the White House position) but to resign directly, that White House position would remain vacant; and when he leaves the Fed in January or February next year, he would have to be confirmed again by the Senate to return to the White House. I think the signal this sends is very clear: the plan is for him to return to the White House Council of Economic Advisers in the future and serve as chair." President Trump may nominate Milan to continue serving on the Federal Reserve Board for a full 14-year term in February, or he may choose someone else. If Trump does not choose anyone else to fill the new term, Milan could also remain indefinitely.