Myron Swears in as Fed Governor. Photo courtesy of the U.S. Federal Reserve. 

Steven Mnuchin, Chairman of the White House Council of Economic Advisers (CEA) and an associate of U.S. President Donald Trump, was inaugurated as a governor of the Federal Reserve (Fed) on the 16th (local time), the Fed announced on the same day.

In a press release on the same day, the Fed stated, "Dr. Myron took the oath of office as a Fed governor on the 16th."

Myron's term as a Fed governor will last until January 31st of next year, the remainder of the term of former Governor Adriana Kugler, who resigned early.

According to the career profile of Governor Myron introduced on the Fed's website, he holds a bachelor's degree in economics, philosophy, and mathematics from Boston University and a Ph.D. in economics from Harvard University.

The Fed introduced that he served as a senior advisor for economic policy at the U.S. Department of the Treasury from 2020 to 2021, and prior to that, he had a decade-long career in the financial markets.

He also worked as a chief strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute.

Before his appointment as a Fed governor, he was appointed as the Chairman of the White House CEA in the Donald Trump administration.

Governor Myron's nomination passed the U.S. Senate the previous day with a vote of 48 in favor and 47 against.

Governor Myron had previously stated his intention to retain his White House position even while serving as a Fed governor. However, he indicated that he would step down from his White House position if he were to be reappointed as a Fed governor later.

With his oath of office today, Governor Myron is now eligible to participate as a voting member in the Federal Open Market Committee (FOMC) meeting, which will be held over two days from today until the 17th.

The Fed has added Governor Myron as one of the 12 voting members to the website section introducing the FOMC members, as of today.

Fed Governor Lisa Cook, whose dismissal was notified by President Trump, will also vote at this meeting.

Following the U.S. District Court, the Court of Appeals ruled the previous day that Governor Cook, who was dismissed by President Trump, can continue to hold her position for the time being.

Last month, President Trump notified Governor Cook, who was appointed by the previous Biden administration, of her dismissal, citing suspicions of mortgage fraud.

Yonhap News