Internet reports that the Federal Reserve said in a statement that Fed Governor Kugler will resign next week, providing Trump with an early opportunity to appoint a preferred candidate who may take on the central bank's leadership role. Kugler's position was not scheduled to become vacant until January next year, and the seven-member Federal Reserve Board of Governors currently has no other vacant positions. Now, Trump will have the opportunity to immediately appoint a director to put pressure on Chairman Powell-and that director may succeed Powell. The statement said that Kugler had submitted his resignation to US President Trump and would step down next Friday (August 8) and return to Georgetown University as a professor. Kugler did not attend this week's Fed policy meeting, and the board said he was absent due to personal matters. Kugler served as chief economist at the U.S. Department of Labor and was appointed as a governor of the Federal Reserve by President Biden in 2023.