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driana Kugler, a former Federal Reserve Governor, announced her resignation on August 1, citing no reason for stepping down just months before her term’s January 2026 end. The letter, addressed to President Trump, simply stated, “I am resigning…effective August 8, 2025.” She added, “It has been an honor of a lifetime to serve on the Board.” The Fed’s August 1 press release said she would return to Georgetown University as a professor that fall, yet the university’s faculty page still lists her as a governor on leave, with no courses scheduled. Georgetown’s spokesperson did not respond to inquiries about her status.

    Trump suggested the resignation stemmed from a disagreement with a party member, remarking that “she disagreed with ‘Too Late’ on the interest rate.” He used his nickname for Fed Chair Jerome Powell, “Too Late,” in a White House statement. The mystery surrounding Kugler’s departure has intensified since her abrupt exit, especially after she declined to explain her motives or to confirm whether she faced pressure to resign.

    The controversy deepened on August 20 when William Pulte, director of the Federal Housing Finance Agency, launched a campaign to force fellow Fed governor Lisa Cook to step down. Pulte alleged Cook committed mortgage fraud by listing two properties as her primary residence on mortgage paperwork, potentially qualifying them for lower rates. On August 15, Pulte filed a criminal referral with the Justice Department. Five days later, Trump announced Cook’s dismissal, citing “sufficient cause” in a social‑media letter. Cook immediately denied any wrongdoing, stating she would not resign and would continue her duties. She sued the Trump administration on August 28, arguing the president’s stated cause was a pretext for a policy dispute over interest rates. The case is now pending in federal court.

    Pulte also accused New York Attorney General Letitia James and Democratic Senator Adam Schiff of mortgage irregularities, both of whom denied any misconduct. Meanwhile, Cook’s real‑estate records have been scrutinized, but no evidence of impropriety has emerged.

    Kugler’s own property filings revealed inconsistencies. Her 2021‑2023 ethics disclosures listed a mortgage on a personal residence valued between $1‑5 million. However, Maryland state tax records for the Bethesda, MD property marked it as “Principal Residence: NO.” During the same period, Kugler and her husband owned another Bethesda home that was rented and sold in 2023 for $1.45 million. Kugler explained the discrepancy as a county tax office error, noting that a change of address filed in July 2021 had not been updated. Montgomery County confirmed it could not alter property status; that authority lies with the Maryland Department of Assessments & Taxation. Kugler’s spokesperson emphasized that her primary residence had always been listed correctly and that the property had never been rented.

    These real‑estate inconsistencies have become ammunition for the Trump administration, which often cites such records to accuse political opponents of fraud. For Trump, the stakes of Kugler’s and Cook’s seats on the Fed board are high. The resignation opened a window for him to appoint a successor through the remainder of Kugler’s term. He selected White House advisor Stephen Miran, who was confirmed by the Senate on Thursday. Seating Miran would give Trump a majority of the seven‑member board, a strategic win in his long‑running battle with Powell over the Fed’s interest‑rate policy.

    Trump has repeatedly criticized Powell, accusing him of political bias and of holding back U.S. economic growth. Since taking office, Trump has pressured the Fed to lower borrowing costs, a demand that has not been met. On August 1, Trump tweeted, “Jerome ‘Too Late’ Powell should have lowered rates long ago. He’s ‘Too Late!’” His press secretary echoed the sentiment, claiming Powell’s refusal to admit Trump’s correctness is holding back the administration’s agenda.

    With Miran on the board, Trump would have nominated three of the seven governors, bringing him close to controlling the central bank. After Cook’s dismissal, Trump mused that once her successor was confirmed, four of the seven governors would be his nominees. In a cabinet meeting on August 26, he said, “We’ll have a majority very shortly. Once we have a majority, housing is going to swing, and it’s going to be great.” He added, “People are paying too high an interest rate. That’s the only problem with us. We have to get the rates down a little bit.”