The governor submitted her resignation letter to U.S. President Donald Trump on Friday and will leave the central bank effective August 8.
Leadership Role Shuffle at the Fed Anticipated After Kugler's Sudden Resignation
Federal Reserve Governor Adriana Kugler bid farewell to the central bank with less than two years left to celebrate with the agency, after officially submitting her resignation letter to U.S. President Donald Trump on Friday. Kugler's last working day will be August 8. Her departure has sparked new discussions about who Trump will choose for the position of Fed Chair, currently held by Jerome Powell, whose term will end in May 2026.
The 55-year-old woman graduated with honors with dual degrees in Economics and Political Science from McGill University in Canada and eventually earned her PhD in Economics from the University of California, Berkeley. She previously worked as the Chief Economist at the Department of Labor and was the U.S. Executive Director at the World Bank. Now, Kugler will return to her position as a Professor of Public Policy and Economics at Georgetown University in Washington, D.C.
Trump happily welcomed Kugler's resignation. "‘Too Late’ Powell should resign, just like Adriana Kugler, a Biden staffer, has resigned," the president wrote on his Truth Social platform on Friday. "She knows he is wrong about interest rates. He should also resign!"
And now, Trump is eager not only to find a replacement for Kugler but also to choose a successor for Powell. "I think it will be one of four people," the president revealed during a Tuesday CNBC interview. Current Fed Governor Christopher Waller, former Federal Reserve Governor Kevin Warsh, and National Economic Council Director Kevin Hassett are all being considered for the Fed chair position, according to the president. But it seems that Treasury Secretary Scott Bessent wants to continue working in Trump's cabinet rather than move to the central bank.
"Both Kevins are very good, and there are other good candidates too," the president explained. "I like Scott, but he wants to stay where he is... He enjoys being Treasury Secretary."
