Who is Adriana Kugler? U.S. Fed Governor resigns early. Will Jerome Powell step down as Federal Reserve chair in August?
Federal Reserve
announced on Friday that
Adriana Kugler
will step down from her position as a governor of the Federal Reserve Board on August 8. Her term was due to expire in January, but her early resignation gives President Donald Trump an opportunity to more quickly appoint someone who could eventually replace Jerome Powell as chair. Kugler missed the Fed's most recent policy meeting this week and did not vote. In a recent speech, she said the Fed should not cut interest rates "for some time" as tariffs trickle through to consumer prices.
The Fed statement about Kugler's early resignation did not give a reason for her decision. The central bank declined to comment beyond the announcement. "It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System," Kugler said in a statement. Powell said in a statement that Kugler "brought impressive experience and academic insights to her work on the board."
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Who is Adriana Kugler?
Adriana Kugler has served as a governor at the Fed since September 2023 after being nominated by former President Joe Biden. She plans to return to her job as a public policy professor at Georgetown University in the fall.
Kugler is an economist with a background in labor economics who has Colombian heritage and was the U.S. executive director of the World Bank.
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When will Jerome Powell Retire?
Kugler's decision means that Trump will have the ability to reshape the top ranks of the central bank, both in terms of picking a new chair and filling Kugler's seat. If Trump makes clear that whomever he chooses for Kugler's seat is his pick for the chair, that could make for an awkward and potentially market-rattling situation in which the new governor is seen as something of a shadow chair, potentially undercutting Powell.
The opening on the board comes as Trump pressures the Fed to cut interest rates and publicly berates Powell, saying he should lower borrowing costs or resign. The president has also toyed with firing Powell or naming a successor before Powell's term as chair ends in May. On Friday, he went so far as to call on the board to remove Powell from his position as chair.
FAQs
Q1. Who is U.S. Fed Chair?
A1. U.S. Fed Chair is Jerome Powell.
Q2. Who is Adriana Kugler?
A2. Adriana Kugler is an economist with a background in labor economics who has Colombian heritage and was the U.S. executive director of the World Bank.
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