Insider: White House officials are preparing for economic adviser council chairman Milan to serve as a Federal Reserve board member.

According to an informed source, White House officials are preparing for President Trump to nominate Milan, the chairman of the White House Economic Advisory Committee, as a member of the Federal Reserve. President Trump said on Wednesday that he may nominate a temporary director to fill the position, rather than looking for a successor to Federal Reserve Chairman Powell, who has criticized him harshly on monetary policy issues. The source said that if Milan is nominated and confirmed by the Senate, his term is expected to expire in January next year. Federal Reserve Board member Kugler announced last week that she plans to step down on Friday.