Trump: Will Announce Nominee for Vacant Federal Reserve Board Seat in the Coming Days

BlockBeats News, August 4th, U.S. President Trump: Will announce a nominee in the coming days to fill the vacant position of Federal Reserve Board Governor. (FXStreet)

On August 2nd, the Federal Reserve announced in a statement that Fed Governor Cugler will resign next week, providing Trump with an early opportunity to appoint a favored candidate. Trump now has the opportunity to immediately appoint a governor to pressure Chairman Powell—and this governor could potentially succeed Powell. Cugler has submitted his resignation to U.S. President Trump and will step down on August 8th to return to Georgetown University as a professor. Cugler did not attend last week's Federal Reserve policy meeting, with the Board stating that he was absent due to personal affairs. Cugler previously served as the Chief Economist at the U.S. Department of Labor and was appointed as a Fed Governor by Biden in 2023.