Former Federal Reserve Governor Adriana Kugler's abrupt resignation from the board on Aug. 1 – and her unexplained absence at a key meeting two days earlier – left the financial community shocked and confused.

Nominated by Democratic former President Joe Biden to fill a surprise vacancy on the Fed board and confirmed in 2023, Kugler's term was not set to expire until January of 2026.

In her Aug. 1 resignation letter, addressed to Trump, Kugler offered no explanation for why she was leaving her job just months before her term ended.

"I am writing to notify you that I am resigning from my position as a governor of the Federal Reserve Board effective August 8, 2025," she wrote.

"It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System."

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