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2025-09-16 23:20:36
[Democrats criticize Stephen Milan's leave of absence to join the Federal Reserve as ridiculous, Bessant comes out to support him] U.S. Treasury Secretary Scott Bessant defended a special arrangement that allows Stephen Milan to take a leave of absence from his White House position while serving as a Federal Reserve governor. "I think it's completely normal," Bessant said in an interview on Tuesday. Bessant explained, "If he had resigned instead of taking a leave of absence, the position would have remained vacant, and he would have needed to be reconfirmed when he left (the Fed) in January or February of next year. I think this move sends a signal that there is a plan for him to return to the White House Council of Economic Advisers as chairman." Milan told senators at his confirmation hearing that he would take an unpaid leave of absence to join the Federal Reserve, but it has not yet been clarified how long it would last. Democrats called the temporary leave absurd and a threat to the independence of the central bank, especially after Trump sought to fire Federal Reserve Governor Lisa Cook and boasted to reporters that he would soon have a "majority" on the Federal Reserve Board.
