Federal Reserve Board Governor Quarles to Resign Next Week, Trump Sees an Opportunity to Appoint

BlockBeats News, August 2nd, The Federal Reserve announced in a statement that Fed Governor Lael Brainard will resign next week, providing President Trump an early opportunity to potentially appoint a favored candidate who could take on a leadership role at the central bank. Brainard's position was not set to be vacant until January of next year, and the 7-member Federal Reserve Board currently does not have any other vacant positions.

Now, Trump will have the opportunity to immediately appoint a new governor to put pressure on Chairman Powell—and this governor could potentially succeed Powell. The statement said Brainard has submitted his resignation to President Trump and will step down next Friday, August 8th, to return to Georgetown University as a professor.

Brainard did not attend this week's Federal Reserve policy meeting, with the Board stating that he was absent due to personal affairs. Brainard previously served as the Chief Economist at the U.S. Department of Labor and was appointed to the Federal Reserve Board by Biden in 2023. (Kryptonian)