The Federal Reserve announced on Friday that Adriana D. Kugler will step down from her position as governor of the Federal Reserve Board on Aug. 8. Her term was due to expire in January. But her early resignation gives President Trump an opportunity to more quickly appoint someone who could eventually replace Jerome H. Powell as chair.
Ms. Kugler missed the Fed’s most recent policy meeting this week and did not vote. In a speech earlier this month, she said that the Fed should not cut interest rates “for some time” as tariffs trickle through to consumer prices.
The opening on the board comes as Mr. Trump has been openly pressuring the Fed to cut interest rates and publicly berating Mr. Powell, saying he should cut rates or resign. The president has also toyed with firing Mr. Powell or naming a successor before Mr. Powell’s term as chair ends in May.
“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” said Ms. Kugler said in a statement. “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.”
Ms. Kugler has served as a governor at the Fed since September 2023.
Mr. Powell said in a statement that Ms. Kugler “brought impressive experience and academic insights to her work on the Board.”
Alan Rappeport is an economic policy reporter for The Times, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters.
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