Federal Reserve Governor Adriana Kugler, a 55-year-old labor economist appointed by President Biden, announced today that she will step down before her term ends in January 2026. Her early departure gives President Trump the opportunity to nominate a replacement—likely a close ally—who could help him steer monetary policy more directly. The move also positions Trump to reshape the Fed’s leadership, with his nominee expected to be a contender to succeed Chair Jerome Powell when his term ends in May.