The former governor of the Federal Reserve, Adriana Kugler, on August 1 – and her inexplicable absence at a key assembly two days earlier – made the financial community shocked and confused.
Nominated by the democratic former President Joe Biden to fill a surprising position in the Fed Board and confirm in 2023, Kugler's term of office was not expired until January 2026.
In her withdrawal letter on August 1, which was directed to Trump, Kugler did not explain why she left her job a few months before the end of her term.
“I am writing to notify you that I resign from my position as governor of the Federal Reserve Board with effect from August 8, 2025,” she wrote.
“It was an honor of a life to serve on the Board of Directors of the Federal Reserve System.”
In a press release, the Federal Reserve also said on August 1 that Kugler “will return as a professor at Georgetown University this autumn”.
But Kugler's faculty side on the Georgetown website does not show her in autumn.
On the contrary, the university still lists Kugler as a “governor of the Federal Reserve Board”, who is “on leave from Georgetown”.
A spokesman for Georgetown did not respond to CNBC's e -mail about Kugler's status at the university.
Trump suggested that Kugler had resigned because “she disagreed with someone from her party”.
“She did not agree with 'too late' about the interest rate, so we will see what is happening,” said Trump reporters on the southern lawn of the White House on August 1 with his favorite point of praise for Powell.
The secret of Kugler's resignation and questions whether it may have been put under pressure have gained a new urgency in the weeks since their resignation.
This week, Kugler refused to explain CNBC's request why she had resigned so abruptly.
She also declined to say whether someone had put her under pressure from the Fed.
The campaign against Cook
On August 20, the director of the Federal Housing Finance Agency, William Pulte, announced that he had started a campaign for the former colleague on the board, the governor Lisa Cook, to resign from Kuglers on the board.
In particular, accused Pult Cook of having committed “mortgage fraud” by listing two properties as a “main residence” for mortgage documents. He also suggested that they could have received lower interest rates if both real estate were regarded as “primary” residences.
On August 15th, Pult had submitted a criminal transfer against Cook, which claimed the Ministry of Justice that it had committed mortgage fraud.
Five days later, President Donald Trump said that he was fired Cook because of the allegations and wrote in a letter to her on social media that they gave him enough reason to “remove them from their position”.
Cook replied hours later to Trump's letter and said: “According to the law, there is no cause, and he has no authority to remove it from the board.
“I won't resign,” said Cook in a statement. “I will continue to fulfill my duties to help the American economy, as I have been doing since 2022.”
Cook sued the Trump administration on August 28th and argued in court that the president's supposed “cause” was a fog wall for the real reason why he tried to remove it: a political dispute over the interest. The case takes place before the Federal Supreme Court.
Read more CNBC policy reporting
Pult also accused the New York Attorney General Letitia James and the Democratic California Senator Adam Schiff – two of Trump's long -standing legal antagonists.
James, ship and cook have all refused directly or through their lawyers.
Kugler's real estate records
But Cook is not the only high -ranking, lined civil servant, whose personal real estate records raise questions about which of your real estate you live.
Chairman of the Us Federal Reserve Jerome Powell Speaks Alongside Michelle Bowman (L), Board Vice Chair for Supervision, Lisa Cook (2nd R), Board Governor, and Adriana Kugler (R), Board Governor, As He Chairs A Federal Reserve Board Open Meeting Proposed revision to the Board's Supplementary Leverage Ratio Standards at the Federal Reserve Board Building in Washington, DC, On June 25, 2025.
Saul Loeb | AFP | Getty pictures
A CNBC check of Kugler's personal financial information and her state tax documents in Maryland resulted in two apparently incompatible descriptions of Kugler's main residence.
Kugler announced CNBC on Thursday that the obvious inconsistency in its real estate records was a mistake made by tax officials in the district.
The financial disclosure of Kugler's state ethics in 2021, 2022 and 2023 lists a mortgage to a “personal residence” worth 1 to 5 million US dollars.
The current state tax documents for this property in Bethesda, Md.
In this section, Kugler's records reads “Main residence: No.”
In the same years, public records show that Kugler and her husband had another house in Bethesda, which was then rented out for 1.45 million US dollars in 2023 and then sold in 2023.
These records were not reported beforehand.
There is no indication that Kugler has done something inadmissible and that she recognized an inappropriate financial profit from her dormitories or tax status.
Adriana Kugler, governor of the Federal Reserve, speaks during the annual business summit at the Stanford Institute for Economic Policy Research in Palo Alto, California, USA, March 1, 2024.
Ann Sapphire | Reuters
The situation of Kugler also differs significantly from that of Cooks, since the records in question in relation to the property of Kugler do not contain any mortgage loan applications, only tax documents and disclosure reports of the federal government.
And it is not uncommon for someone to open a personal residence in an ethics form, which, for example, is not its “main residence” like a holiday home.
Different terms used in official documents can also sound similar, but have very different legal meanings such as the main residence, personal residence and primary residence.
Nevertheless, it does not go from Kugler's records on her face, where she actually lived in a few years, in which she worked as officials in bidges.
Kugler also has a third property in nearby Rockville, Md.
Dr. Adriana Kugler, candidate as a member of the Board of Directors of the Federal Reserve System, testifies to the Senate Banks nominations on June 21, 2023 in Washington, DC.
Drew Angerer | Getty pictures
In an explanation of CNBC, which was presented by a person who is authorized to speak in their name, said Kugler: “My main residence was always listed in my financial disclosure, and this place of residence was never rented.”
“In July 2021 we submitted an address change to Montgomery County after we moved to this residence, but it seems that Montgomery County has not updated in his records. We are pointed out that Montgomery County has mastered her records in order to be contradicting the change in the address request 2021.”
A spokesman for Montgomery County said on Friday that “the district does not have the ability/authority to change the status of a real estate owner – this is treated by Maryland Dept. of Assessments & Taxes.”
Inconsistent real estate records have become a kind of ammunition with which the Trump government used its political enemies and often quoted the records to publicly accuse people.
Trump's weapon of choice
For the president, the missions around Kugler and Cooks Seats in the Fed Board could not be higher.
Kugler's resignation offered Trump the opportunity to choose a successor to fill her seat until the end of Kugler's term.
Trump chose the advisor of the White House, Stephen Miran, whose hearing was in Washington on Thursday.
Seating Miran in the Fed Board would make a victory for Trump in his month -long fight against the chairman of the Federal Reserve Jerome Powell for checking the enormously strong institution and their interest rate function.
Only a few priorities are more important for the president than free influence on the central bank.
Trump has long accused the Fed to make interest decisions that are motivated against him by political prejudices.
He and his administration have also accused Powell of deliberately holding back economic growth.
Since he took office in January, Trump has had intensive pressure on Powell and the other FED governors to reduce the loan costs – without success.
This pressure was only exhibited on Friday morning when Trump wrote on social media that “Jerome too late” Powell should have reduced the interest a long time ago. As always, it is too late! “
His press spokesman for the White House later also said that Trump's “Agenda would continue to be” Powell's stupid refusal by Jerome “too late to admit that President Trump is right.
Sitting with Miran, Trump would have nominated three of the seven governors on the board and made a step closer to him, which he described as his goal of dominating the central bank.
The day after trying to fire Koch, Trump considered that four of the seven governors would be his candidates after being gone and her successor was confirmed.
US President Donald Trump, Foreign Minister Marco Rubio, Defense Minister Pete Hegseth, Minister of Commerce Howard Lutnick and Interior Minister Doug Burgum will take part in a cabinet seat in the White House in Washington, DC on August 26, 2025.
Jonathan Ernst | Reuters
“We will have a majority shortly,” said Trump on August 26 during a cabinet meeting in the White House. “It will be great.”
“As soon as we have a majority, the apartment will swing and it will be great,” said the president.
“People pay too high interest rate. This is the only problem with us. We have to lower the tariffs a little,” he added.