Trump happy about Fed ‘open spot’ after Kugler resignation

ISTANBUL

US President Donald Trump said Friday he is pleased to have an open spot on the Federal Reserve Board following the resignation of Adriana Kugler.

“We just found out that I have an open spot on the Federal Reserve Board. I'm very happy about that,” Trump told reporters as he departed the White House for his weekend break at his Bedminster Golf Club in the state of New Jersey.

Kugler submitted her resignation Friday, effective Aug. 8, according to a statement from the Fed. She will return to her previous post as a professor at Georgetown University in the fall.

On Kugler's resignation, Trump said: "I understand it was over the fact that she disagreed with somebody from her party. She disagreed too late."

She said in the letter: "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 wrote.

Fed Chair Jerome Powell said in a statement: "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," he added.

On Wednesday, the Fed kept its policy rate unchanged, in line with expectations.

The Fed announced that the decision was made in a 9 – 2 vote.

After the decision, Trump criticized Fed Chair Powell, calling him "TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job."

Trump urged the Fed board to "assume control" and do "WHAT EVERYONE KNOWS HAS TO BE DONE."

Following Trump's demand, two Fed officials issued statements to explain the reasons for voting to cut interest rates at this week's meeting.