On the 7th, U.S. President Trump announced the nomination of Chairman of the White House Council of Economic Advisers, Milan, to serve as a member of the Federal Reserve Board, filling the vacancy left by Kugler’s sudden resignation.
He stated on social media that Milan’s term will last until January 31, 2026, and that a search will continue for a long-term candidate for the position.
Born in 1984, Milan is considered one of the key figures influencing Trump’s trade policy during his second term as president. During Trump’s first term, Milan served as a senior advisor for economic policy at the U.S. Department of the Treasury.
On the 1st, Kugler sent a letter to Trump, announcing that she would resign as a member of the Federal Reserve Board effective the 8th, but she did not disclose the reason. Kugler’s term was originally set to expire on January 31, 2026.
The seven members of the Federal Reserve Board are nominated by the U.S. President and must be confirmed by the Senate. A full term for a Federal Reserve Board member lasts 14 years.