"Fed Speaker": Rare Arrangement for Fed Board Nominee Milan to Consider Retaining White House Job

Nick Timiraos, US president Donald Trump's nominee for governor of the US Federal Reserve, said he was considering returning to the White House next year after completing a short term at the central bank - an arrangement that has not been seen in decades since Congress tried to separate the executive branch from the central bank. Mr. Milan told his Senate confirmation hearing on Thursday that lawyers had suggested he could take unpaid leave from his current position as chairperson of the Council of Economic Advisers so he could return to office next year without a new round of Senate confirmation. Mr. Milan was nominated to replace Mr. Kugler, who resigned unexpectedly last month and will serve until January 31, 2026. Democratic lawmakers have questioned whether such an arrangement could affect his ability to deliver on his promised independent judgment. South Dakota Republican Senator Mike Lowndes later told reporters he was surprised by the proposal, but no Republican lawmakers have indicated they would oppose Milan's confirmation as a result.