BlockBeats News, August 6, market news: Trump's advisors are pushing for the appointment of an interim Federal Reserve board member to fill the vacancy. The candidates for the Federal Reserve board may have government work experience and will need to go through a prior Senate review. A short-term appointment of a Federal Reserve board member will give Trump more time in selecting a Federal Reserve chair. (Jin Shi)
On August 2, the Federal Reserve stated in a press release that Board Member Quigley will resign next week, providing Trump with an early opportunity to appoint a preferred candidate. Trump will now have the chance to immediately appoint a board member to pressure Chair Powell—and this board member may potentially succeed Powell. Quigley has submitted his resignation to President Trump and will step down on August 8 to return to Georgetown University as a professor. Quigley did not attend last week's Federal Reserve policy meeting, and the board stated he was absent due to personal matters. Quigley previously served as the Chief Economist of the U.S. Department of Labor and was appointed to the Federal Reserve board by Biden in 2023.
