Her departure provides an opportunity for President Donald Trump to nominate a replacement as he intensifies pressure on the central bank to cut interest rates. Kugler, who was appointed by former President Joe Biden in 2023, did not provide a reason for her resignation.

President Trump welcomed the move, saying he was “very happy” to receive her resignation letter and appeared pleased with the prospect of filling another Fed seat.

Kugler’s resignation comes as Trump ramps up criticism of Fed Chair Jerome Powell for keeping interest rates high. On social media, Trump again called for Powell to step down and urged the Fed’s board of governors to “assume control” if Powell refuses to shift course.