Her resignation now paves the way for Trump to put his own nominee in for the Board of Governors. Two of his prior appointments, Christopher Waller and Michelle Bowman, voted against the decision at Wednesday's meeting to hold the Fed's key rate steady, instead indicating they wanted to lower.

President Donald Trump called on the Federal Reserve board to “assume control” if Chair Jerome Powell does not lower interest rates, escalating his ongoing feud with the central bank’s head.

The central bank this week kept interest rates steady for a fifth-straight meeting, prompting the first double dissent from members of the powerful Board of Governors since 1993.