Fed Governor Kugler to resign next week

Odaily Planet Daily News: The Federal Reserve said in a statement that Federal Reserve Board member Kugler will resign next week, which provides Trump with an opportunity to appoint a preferred candidate in advance, who may take up a leadership position in the central bank. Kugler's position was not scheduled to become vacant until January next year, and there are currently no other vacancies on the 7-member Federal Reserve Board. Now, Trump will have the opportunity to appoint a board member immediately to put pressure on Chairman Powell-and this board member may succeed Powell. The statement said that Kugler has submitted his resignation to US President Trump and will step down next Friday (August 8) and return to Georgetown University as a professor. Kugler did not attend the Federal Reserve policy meeting this week, and the board said he was absent due to personal matters. Kugler served as chief economist of the U.S. Department of Labor and was appointed to the Federal Reserve Board by Biden in 2023. (Jinshi)