U.S. President Donald Trump said on Tuesday he had removed Treasury Secretary Scott Bessent from consideration for an open seat on the Federal Reserve's Board of Governors, but said he would "very shortly" announce his choice.

Kugler's resignation gives Trump an opportunity to at least partially shape the Fed's makeup to his liking ahead of her original departure date. Kugler, a Biden-appointed governor, joined the seven-member board in 2023 and was set to serve through January 2026.