Trump nominated Milan to be a member of the Federal Reserve Board of Governors until January 2026.

Trump announced: I am very honored to announce that I have selected Dr. Stephen Moore, the current Chairman of the Economic Advisory Council, to fill the recently vacated seat on the Federal Reserve Board, with a term until January 31, 2026. During this period, we will continue to search for a permanent replacement. Stephen holds a PhD in economics from Harvard University and had an outstanding performance in my first term. Since my second term began, he has been by my side, and his professionalism in the field of economics is unparalleled - he will undoubtedly excel in his work.