Trump Celebrates Federal Reserve Opening Following Kugler Resignation
(MENAFN) US President Donald Trump expressed satisfaction on Friday about the newly available seat on the Federal Reserve Board after Adriana Kugler announced her resignation.
As he left the White House for his weekend retreat at Bedminster Golf Club in New Jersey, Trump told reporters, “We just found out that I have an open spot on the Federal Reserve Board. I'm very happy about that.”
Kugler officially tendered her resignation on Friday, effective August 8, as confirmed by a Federal Reserve statement. She plans to return to her former role as a professor at Georgetown University this fall.
Addressing Kugler’s departure, Trump remarked, "I understand it was over the fact that she disagreed with somebody from her party. She disagreed too late."
In her resignation letter, Kugler reflected, "It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System."
"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," she added.
Federal Reserve Chair Jerome Powell released a statement praising Kugler’s contributions: "I appreciate Dr. Kugler's service on the Board and wish her very well in her future endeavors."
"She brought impressive experience and academic insights to her work on the Board," Powell noted.
Earlier this week, the Fed maintained its policy interest rate, as widely anticipated. The decision was reached by a 9 – 2 vote.
Following the announcement, Trump launched a sharp critique of Powell, branding him "TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job."
He also called on the Federal Reserve board to "assume control" and act decisively with "WHAT EVERYONE KNOWS HAS TO BE DONE."
In response to Trump’s demand, two Federal Reserve officials publicly clarified their rationale for voting in favor of an interest rate cut during this week’s meeting.
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