Скачать или смотреть Ex Fed Governor Kugler Faced Ethics Probe Before Resigning

The former Federal Reserve Governor, Adriana Kugler, resigned unexpectedly in August 2025 following a months-long ethics probe related to her family's financial transactions that violated the central bank's strict new rules.

The core reasons for her resignation are detailed in a financial disclosure report released by the U.S. Office of Government Ethics (OGE):

🏛️ Ethics Violations and Financial Holdings
The OGE report detailed that Kugler's financial holdings and transactions, largely carried out by her spouse, repeatedly violated the Fed's ethics rules.

Prohibited Stock Trades: The report listed more than a dozen individual stock transactions made in 2024, involving companies like Apple, Southwest Airlines, Caterpillar, and Fortinet. The Fed's updated 2022 ethics rules strictly bar high-ranking officials and their spouses from buying or selling individual stocks, as well as cryptocurrencies and certain other assets.


Blackout Period Trades: Nine of the disclosed trades were executed during the "blackout periods"—the restricted period of roughly 10 days before a Federal Open Market Committee (FOMC) meeting until one day after—when policymakers are barred from all financial transactions.

One example included a stock purchase in Cava Group and a stock sale in Southwest Airlines during the blackout period before the April 2024 FOMC meeting.

Failed Certification: The Fed's ethics officer refused to certify Kugler's final financial disclosure documents and referred the matter to the Fed's internal watchdog, the Inspector General.

Kugler maintained in the filings that the violations were unintentional and carried out by her spouse without her direct knowledge.

✋ Powell's Refusal to Grant a Waiver
The final trigger for her departure was reportedly the refusal by Federal Reserve Chair Jerome Powell to grant her a waiver to resolve the financial holdings that violated the new restrictions.

Kugler sought a waiver to address the repeated investing violations, which involved trades in individual stocks and transactions made around the FOMC meetings.

By refusing the waiver, Powell adhered to the stricter ethics standards put in place following a 2021 trading scandal involving two regional Fed presidents, emphasizing the central bank's commitment to avoiding even the appearance of conflicts of interest.

Kugler subsequently did not attend the July 30-31 FOMC meeting and resigned effective August 8, 2025, several months before her term was set to expire.

The ethics breaches were seen as particularly significant because they involved the rules the Fed had dramatically tightened to restore public trust in its top officials.