WASHINGTON – The Senate voted to confirm Stephen Milan with the Federal Reserve Commission on Monday night, taking a step closer to President Donald Trump's vision and pressured the central bank to lower interest rates.
He was confirmed with a vote of 48-47.
Milan, who now chairs the White House Economic Advisors Council, said he is planning to take unpaid leave from Democrats on past attacks on the Federal Reserve, and in exchange for his White House role in place of resignation.
Milan also stubbornly defended Trump's tariffs, claiming in August that “destiny and darkness” expectations from the tariffs “just not pan out.”
His confirmation comes as Trump repeatedly criticized the central bank for not lowering interest rates as he wished. He often accused FRD's Jerome Powell chair of “too late” despite previously appointed Powell in his first term. Powell's term is set to expire next year.
The president repeated these criticisms hours before the Senate vote, demanding in every cap post to the true society that Powell “now has to cut more interest rates than he had in mind.”
The Fed's Policy Setting Committee is expected to announce the rate cuts Wednesday afternoon after the two-day meeting. He was able to attend Tuesday's meeting, depending on when Milan was sworn in.
The confirmation of Milan was to fill the remaining months of former Fed government Adriana Kugler's 14-year term, which is expected to end in January. Coogler announced his resignation in August and said he would return as a professor at Georgetown University.
It is unclear whether Trump will eventually nominate Milan again at full term. On Post-True True social in August, when Milan announced his nomination, Trump said he would “continue to search for a permanent replacement during that time.”
Milan's confirmation comes as Trump attempted to fire Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. The judge temporarily blocked the firing of Trump chefs as legal proceedings continued.
Documents obtained by NBC News appear to contradict the allegations of fraud as Cook listed her Atlanta property as a villa in financial form. She was accused of trying to hand over the property as her primary residence for financial gain.
Steve Copak contributed.