“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler wrote in a resignation letter to Trump on Friday. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”

The resignation comes as President Trump has openly pressured the central bank to lower interest rates and called for Jerome H. Powell, the chair, to step down.