The US Federal Reserve has announced that its board member, Adriana Kugler, will step down on August 8. President Donald Trump will replace her with his pick.
The Fed said on Friday that Kugler will resign and return to a university as a professor this fall. She will have resigned before the end of her term set in January next year.
Kugler is one of the seven members of the board of governors. The Fed chair is elected from the board members.
US media suggested Trump would take the opportunity to influence the leadership of the central bank. Trump has strongly criticized Fed Chair Jerome Powell over monetary policies, apparently believing he should resign.
News outlet Axios reported that Kugler’s resignation will give Trump “an early opportunity to appoint a favored candidate for potential leadership of the central bank.”
Trump spoke to reporters after Kugler’s resignation was announced. He said, “I’m very happy” that “I have an open spot on the Federal Reserve Board.”
