Washington — Federal Reserve governor Adriana Kugler will step down early from her post on the central bank’s board, the Fed announced Friday, creating an open position for President Trump to fill.
The vacancy comes at a critical time for Mr. Trump, who has pressured the Fed to cut interest rates. Kugler’s replacement will sit on a 12-member committee that sets interest rate targets.
Kugler was nominated to serve as a governor by former President Joe Biden and has been in the role since September 2023. Her resignation is effective Aug. 8. Kugler is returning to Georgetown University to serve as a professor, according to the Fed.
“The Federal Reserve does important work to help foster a healthy economy and it has been a privilege to work towards that goal on behalf of all Americans for nearly two years,” Kugler said in her resignation letter to Mr. Trump. “I am proud to have tackled this role with integrity, a strong commitment to serving the public, and with a data-driven approach strongly based on my expertise in labor markets and inflation.”
The seven members of the Fed’s Board of Governors are nominated to 14-year terms.
This is a developing story and will be updated
