Stephen Milan, currently chairman of the Council of Economic Advisors, testified before the Senate Bank, Housing and Urban Affairs Committee on September 4, 2025 in Washington, D.C.
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Stephen Milan will take unpaid leave as chairman of the White House Economic Advisors Council and fill in the Federal Reserve vacancies if confirmed.
At a confirmation hearing prior to the Senate Banking Committee, Milan, the candidate for the role of Open Fed Governor for President Donald Trump, said he would not step down completely from his position in the White House, serving as the federal governor, which expires on January 31, 2026.
Milan’s appointment comes amid speculation that Trump will nominate the “shadow chair” and seek to gain adequate influence on the central bank and increase fear of central bank independence. Milan continues his White House work while working as federal governor.
“My lawyer advised me that the legal approach is to take unpaid leave from the Economic Advisors Council and stop my activities and if the Council advises me, I will follow the law and follow the council’s advice,” Milan said at the hearing.
“The period I was nominated for four and a half months. If I was nominated for longer than a few months and confirmed, I would definitely resign,” he added.
Trump has pushed for a sharp drop in interest rates, criticizing current Chairman Jerome Powell for staying too long. During the hearing, Milan repeatedly pledged to support the central bank’s independence, emphasizing that no one in the administration had asked him to pledge monetary policy easing.
The Fed’s next policy meeting will be held from September 16th to 17th.
