Fed Governor Kugler to step down on August 8, giving Trump chance to name replacement

Federal Reserve Governor Adriana Kugler will depart the Board of Governors next Friday, August 8, to return to a faculty position at Georgetown University, the central bank said in a Friday press release.

Kugler, who has served as governor since September 13, 2023, submitted her resignation letter to President Trump. During her tenure, she served on multiple committees, including the Financial Stability Committee, Federal Reserve Bank Affairs Committee, Board Affairs Committee, and the Subcommittee on Smaller Regional and Community Banking.

“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler said. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”

Kugler’s resignation comes at a tense time, as Trump pressures the Fed to cut interest rates and continues to publicly attack Chair Jerome Powell.

The vacancy gives Trump an opportunity to nominate a replacement for the influential central bank board, less than two years after Kugler was appointed by the previous administration.

Trump criticized Fed Chair Jerome Powell in a statement today, calling him stubborn and demanding immediate interest rate cuts. The president suggested the Board should take control if Powell refuses to act.