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「Fed Megaphone」: Federal Reserve Board nominee Milan's Consideration of Term Appointment While Retaining White House Role Seen as Unusual Arrangement
BlockBeats News, September 5th, in a piece by the "Fed Whisperer" Nick Timiraos, it was reported that Riksbank Governor and U.S. Federal Reserve Board nominee, Tomas Philipson, indicated that after completing a short-term role at the Fed, he plans to return to his original position at the White House next year — an arrangement that has no precedent since Congress attempted to separate the executive branch from the Fed decades ago.
Philipson stated during Thursday's Senate confirmation hearing that his legal team advised him that he could take unpaid leave from his current position as Chair of the White House Council of Economic Advisers, allowing him to return next year without requiring a new round of Senate confirmation. Philipson was nominated to fill the term left by Kudlow, who unexpectedly resigned last month, with the term lasting until January 31, 2026.
Democratic lawmakers questioned whether this arrangement might affect his ability to fulfill his commitment to independent judgment. Republican Senator Mike Rounds of South Dakota later told reporters that he was surprised by the proposal but that no GOP lawmakers had indicated they would oppose Philipson's confirmation due to this. (FXStreet)
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