Federal Reserve Governor Quarles will resign next week, giving Trump an opportunity for appointment

ChainCatcher news, according to a statement from the Federal Reserve, Fed Governor Quigley will resign next week, providing Trump with an opportunity to appoint a favored candidate who may take a leadership position at the central bank. Quigley's position was not set to become vacant until January next year, and there are currently no other vacant positions on the seven-member Federal Reserve Board.

Now, Trump will have the chance to immediately appoint a governor to pressure Chairman Powell—and this governor could potentially succeed Powell. The statement said that Quigley has submitted his resignation to President Trump and will step down next Friday (August 8) to return to Georgetown University as a professor.

Quigley did not attend this week's Federal Reserve policy meeting, and the board stated that he was absent due to personal matters. Quigley 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.