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Home Business & Finance

White House sends surprise message about Federal Reserve pick todayheadline

August 6, 2025
in Business & Finance
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The White House — which has been thirsting for an interest rate cut — is mulling over its strategy before filling an upcoming board vacancy at the Federal Reserve.

With just days to go before Fed Governor Adriana Kugler steps aside, the Trump administration is reportedly considering two options to fill the open seat.

Related: President Trump sends strong message on Federal Reserve Chair decision

President Donald Trump has said he will announce a nominee to replace Kugler before the end of the week.

Now, according to reports, the White House is trying to decide which move will maximize the president’s attempts to influence the independent central bank.

The resignation of Federal Reserve Governor Adriana Kugler surprised the White House, which is considering how to fill the open seat.

Image source: Bloomberg/Getty Images

White House huddles over Fed open seat 

President Trump’s advisers are pushing for a temporary Federal Reserve governor to fill out Kugler’s remaining five-month term, Bloomberg reported Aug. 6.

Kugler, a labor economist, announced last week that her surprise resignation would take effect Aug. 8.

She is returning to her academic role as a professor of public policy at Georgetown University’s McCourt School of Public Policy.

Kugler was appointed to the seven-member board by former President Joseph R. Biden in 2023.

She did not give a reason for her early resignation.

Related: A divided Federal Reserve mulls interest rate cut after wild week

Meanwhile, the president has been looking at candidates to replace Federal Reserve Chair Jerome Powell, whose term expires in May 2026.

President Trump has been extremely critical of Powell and the 12-member Federal Open Market Committee for keeping interest rates steady as the weakening job market declines in a “meh” economy facing potential tariff inflation.

The president has been demanding lower interest rates to accelerate his administration’s efforts to keep the U.S. economy out of recession.

How the Fed uses interest rates

Maximum employment and low inflation with price stability are the Federal Reserve’s dual mandate.

These goals require a delicate balance of monetary policy because higher interest rates lower inflation but increase job losses.

Lower interest rates decrease unemployment but increase inflation.

The Fed uses interest rates as the tool to comply with its mandate.

President Trump’s fierce attacks against Powell have escalated since the FOMC voted to hold the benchmark Federal Funds Rate steady at 4.25% to 4.50%.

The last rate cut was in December 2024. The president wants to see a decrease of 3 percentage points.

Fed Governor Christopher Waller also is believed to be in the running to become Fed chair.

More Federal Reserve:

  • GOP plan to remove Fed Chair Powell escalates
  • Trump deflects reports on firing Fed Chair Powell ‘soon’
  • Former Federal Reserve official sends bold message on ‘regime change’

Waller and fellow Fed Governor Michelle Bowman, Trump appointees like Powell, opined last week that it was time for a .25-point cut due to softness on the jobs front.

Treasury Secretary Scott Bessent, a one-time leading candidate to take over for Powell, dropped out of the race.

Fed chair role at stake

President Trump is trying to decide whether to fill the open seat with a short-term pick or someone he would likely elevate to Fed chair next year.

By naming a temporary governor to serve out Kugler’s term, he gains additional time to vet candidates for Powell’s job.

A short-term governor is likely to be someone who is already serves in the government and who has previously been confirmed by the Senate for a federal job, Bloomberg reported.

The nominee must be confirmed by the GOP-led Senate confirmation, a lengthy process that could be fast-tracked if President Trump pressures Republican lawmakers to quickly fill the seat.

The president on Aug. 5 said he would make his decision on a replacement for Kugler this week as he looks to solidify his imprint on the central bank. 

Related: Federal Reserve votes on interest rates

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