A Federal Reserve Board member resigns at a critical time for the US Federal Reserve
The Federal Reserve announced the resignation of Adriana Kugler, a member of its board of governors, leaving a vacancy on the board that US President Donald Trump could fill as he campaigns to cut interest rates.
Kugler, who was appointed by former President Joe Biden in 2023, did not reveal the reason for her resignation from the Federal Reserve’s Board of Governors.
Her term was set to end in January 2026, but her departure next week gives Trump the opportunity to appoint a new member to the commission at a time the Board of Governors had not anticipated, a development that will herald a change in its leadership.
The Federal Reserve is facing significant pressure from Trump, who has frequently criticized Chairman Jerome Powell for not cutting interest rates.
On Friday morning, Trump noted that two members of the Federal Reserve’s Board of Governors voted against keeping interest rates unchanged for the fifth consecutive time on Wednesday.
He posted on Truth Social, “Strong opposition at the Fed… And it’s only going to get stronger”.
On the same day, the US president described Powell as “stupid and stubborn” and said that the Federal Reserve Board of Governors should “take control” if Powell continues with his policy of holding interest rates steady.
Kugler is expected to return to teaching at Georgetown University this year, according to the Federal Reserve statement.
