According to a report by Golden Finance, the Federal Reserve stated in a statement that Federal Reserve Governor Kugler will resign next week, providing an opportunity for Trump to appoint a favored candidate in advance who may hold a leadership position in the central bank. Kugler's position was originally scheduled to become vacant in January next year, and the seven member Federal Reserve Board currently has no other vacant positions. Now, Trump will have the opportunity to immediately appoint a director to pressure Chairman Powell - and this director may take over Powell's position. The statement stated that Kugler has submitted his resignation to US President Trump and will step down next Friday (August 8th) to return to Georgetown University as a professor. Kugler did not attend this week's Federal Reserve policy meeting, and the board stated that he was absent due to personal matters. Kugler served as the Chief Economist of the US Department of Labor and was appointed as a member of the Federal Reserve Board by President Biden in 2023.
