Former Federal Reserve Board Gov. Adriana Kugler, in 2024, broke the central bank’s rules regarding stock trading, according to a report released Saturday by the U.S. Government Ethics Office.
The report comes three months after Kugler abruptly, and mysteriously, resigned from the Fed’s Board of Governors. Kugler joined the Fed in September 2023.
A financial disclosure report that Kugler filed on Sept. 11 — which contains details of securities transactions by either her or her husband — notes that Ethics Office officials declined to certify the report on Oct. 10.
A note on the disclosure from an Ethics official says “matters related to this disclosure were referred earlier this year” by the office to the independent Office of Inspector General for the Board of Governors of the Federal Reserve System. An inspector general is an internal ethics watchdog for federal departments and agencies.
Another note on the report says, “Consistent with her September 15, 2024, disclosure, certain trading activity was carried out by Dr. Kugler’s spouse, without Dr. Kugler’s knowledge and she affirms that her spouse did not intend to violate any rules or policies.”
