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.

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.

President Donald Trump is escalating his attacks on Federal Reserve Chair Jerome Powell after the Fed held interest rates steady this week. Trump posted that the Federal Reserve Board "should assume control" if Powell continues to refuse to cut rates.