A bubbling movement to overhaul the Fed is ready to seize the moment. Big changes are in store for the central bank.

As was widely expected, Fed policymakers on Wednesday left the central bank's overnight rate unchanged at a range of 4.25% to 4.5%.

Kugler was nominated by President Joe Biden and has served in her position since September 2023. According to the Fed, she "submitted her letter of resignation to President Trump and will return to Georgetown University as a professor this fall." Kugler's term was set to expire at the end of January.