The US Senate Committee is pushing Trump’s “encrypted” Fed pick

The US Senate Banking Committee has advanced the nomination of Stephen Milan to a temporary position on the federal president’s board after another member resigned in August.

At Wednesday’s meeting, the Banking Committee voted in line with 13-11 party lines and promoted Milan’s nomination to the full Senate for consideration. All Democrats voted against potential Fed governors, while Republicans voted in favor in the majority.

Milan, who was chosen by President Donald Trump to chair the Economic Advisors Council in December, said at last week’s hearing he would not step down from his role as advising the White House if his time as Fed governor is extended to January. If confirmed, he will fill the term of Federal Reserve member Adriana Kugler, which ends on January 31st.

A potential Fed governor said in an interview in December that “crypto has a major potential role to play in innovation,” but has not issued any important official statements on digital assets or blockchain since joining the Trump administration. At the time of publication it was unclear when the Senate would be able to vote for his nomination.

Related: Trump chooses top economic advisers to temporarily meet US Federal Reserve seats

Another Fed governor wins in court, Trump blocks “firing”

Milan’s advances in nomination came when Trump, who was about to fire another federal governor, came to court for a challenge to an independent agency. In a letter on August 25th, the president called for the “immediate removal” of Fed Governor Governor Lisa Cook, citing Mortgage Fraud’s claim.

https://www.youtube.com/watch?v=utrgkjicvck

Cook refused to leave her position and challenged her to be fired in court. On Tuesday, a federal judge for the District of Columbia blocked Trump’s order, saying the president had not identified a reason to dismiss the federal governor for the cause. The administration filed a notice of appeal on Wednesday.

In October, the Federal Reserve will hold a meeting to discuss payment-related topics such as stubcoin and tokenization.

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