As Trump challenges Fed independence, key FOMC member resigns

Adriana Kugler steps down from the Federal Reserve Board amid mounting political pressure and renewed uncertainty over Jerome Powell’s leadership.

Federal Reserve Board of Governors member Adriana D. Kugler has announced her resignation, stepping down during a particularly sensitive moment for the US central bank as President Donald Trump continues to challenge the long-standing tradition of Fed independence.

In a statement released Friday, the Fed said Kugler’s resignation will take effect on Aug. 8. While she did not provide a specific reason for her departure, the central bank noted she plans to return to her academic post at Georgetown University. Her term had been scheduled to end in January.

“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler said. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”

Read more