Federal Reserve (in English, Fed) Governor Adriana Kugler, who was appointed to the position by former President Joe Biden and was considered Jerome Powell's right-hand woman, announced her resignation this Friday.
Kugler's departure comes amid an inexplicable refusal by Powell, who currently chairs the central banking entity, to lower the benchmark interest rates, which has caused the labor market to contract in July.
On Wednesday, the Board of Governors of the Federal Reserve, with a Democratic majority, voted for the fifth consecutive time to keep interest rates unchanged, a decision that can only be interpreted as an attempt to subvert Trump's economic policy.
Trump will be able to nominate Kugler's replacement.
Kugler had been nominated by Biden and joined the Board of Governors in September 2023, in addition to having been part of Obama's White House in the past decade. She explained that her departure from the entity is due to her taking a position as a professor at Georgetown University in the fall.
The former Obama official was supposed to remain on the board until the end of her term in January 2026. She was also one of the governors closest to Powell and a defender of keeping interest rates stable, citing alleged uncertainty surrounding Trump's tariffs.
