Market News: Trump Advisor Is Pushing for Appointment of Acting Fed Board Member to Fill Vacancy

BlockBeats News, August 6th, Market News: Trump's advisors are pushing for the appointment of an interim Federal Reserve Board governor to fill a vacancy. The Federal Reserve Board governor candidates may have government experience and will need to undergo a Senate confirmation process. The short-term appointment of a Federal Reserve Board governor will buy Trump more time in selecting the Federal Reserve Chair. (FXStreet)

On August 2nd, the Federal Reserve announced in a statement that Federal Reserve Board Governor Cugler will resign next week, providing an early opportunity for Trump to appoint a favored candidate. Trump now has the opportunity to immediately appoint a governor to pressure Chairman Powell — and this governor may 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; the Board stated that he was absent due to personal matters. Cugler previously served as the Chief Economist at the U.S. Department of Labor and was appointed as a Federal Reserve Board governor by Biden in 2023.