The President-elect of the USA, Trump, has appointed economist Stephen Miran, who served during his first term, as the Chairman of the White House Council of Economic Advisers and appointed billionaire investor Stephen Feinberg as the Deputy Secretary of Defense.

Feinberg is the co-founder of the private equity firm Cerberus Capital Management. He will serve as the number two person at the Pentagon under Trump's chosen Secretary of Defense, Pete Hegseth, who is facing scrutiny over allegations of a sexual assault incident in 2017.

Trump praised Feinberg's company for focusing on distressed Assets, calling him 'a very successful businessman' who will 'help make the Pentagon great again.' This investor served as the Chairman of the Intelligence Advisory Board during Trump's first term.

Defense is one of the core investment areas for Cerberus, which manages $65 billion in Assets. In May, the Asset Management firm acquired a controlling stake in the military aviation company M1 Support Services. Last month, it announced an investment of $0.3 billion in a military-civilian joint construction project in Australia.

Trump also appointed China hawk Elbridge Colby as the number three person at the Pentagon.

Miran was a senior economic policy advisor at the Treasury Department during Trump's first administration. This nomination indicates that Trump is looking to promote critics of Powell, as Miran has accused the Biden administration of manipulating the economy and 'usurping' the Federal Reserve's authority. Additionally, Miran is a 'crypto supporter.'

'Steve will work with other members of my economic team to create an economic prosperity that benefits all Americans,' Trump said last Sunday.

Milan, a senior strategist at hedge fund Hudson Bay Capital Management, stated that he feels honored. "I look forward to helping implement the President's policy agenda to create a prosperous, inflation-free economy that brings prosperity to all Americans!" he posted on X.

The White House Council of Economic Advisers is a three-member panel responsible for advising the President on economic policy.

Earlier this year, Milan co-authored a paper accusing Biden's Treasury of manipulating the economy during the election, arguing that the government's reliance on short-term debt is equivalent to 'invisible Algo easing', which hinders the Fed's ability to combat inflation.

He wrote with economist Nouriel Roubini, known as 'Dr. Doom': "By adjusting the maturity of Bonds, the Treasury is dynamically managing financial conditions, thus managing the economy and replacing the core functions of the Fed."

"We call this new tool 'Aggressive Treasury Issuance' (ATI). By manipulating the interest rate risk held by investors, ATI operates through the same channels as the Fed's Algo easing program."

Last year, Milan co-authored an article on FT Alphaville warning against establishing a two-tier Bond market, stating that it 'would undermine the ability of US Treasuries to serve as risk-free collateral supporting the Global financial system', leading to chaos in emerging market defaults.

Milan also criticized Powell for urging more aggressive fiscal and monetary stimulus measures about a month before the 2020 election to help the economy recover during the COVID-19 pandemic.

In September this year, Milan wrote on X: 'Powell urged Congress to go 'big' on fiscal stimulus just before the 2020 presidential election, which was wrong both politically and economically. He implied that voters preferred the Democrats' 3 trillion dollar plan over the Republicans' 500 billion dollar plan. We all know what happened later (implying that Powell helped the Democrats win).'

Trump's appointment in Milan must be approved by the USA Senate.

Last month, Trump also appointed Kevin Hassett as the chairman of the National Economic Council.