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Member of the Board of Governors of the Federal Reserve (
The Fed
)
Adriana Kugler
resigned last August amid the discovery of a number of financial transactions that violated ethical rules
central bank
United States (US), according to official documents released on Saturday (15/11).
Quote
Reuters
, Sunday (11/16), the documents revealed Kugler was involved in a number of illicit transactions, including individual stock trading and other investment activities conducted by her husband.Some of this occurs around the Federal Open Market Committee (FOMC) meeting agenda.
These findings have been referred to the Fed’s Inspector General (IG) office for further investigation.
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According to Fed officials, Kugler in late July applied for an exemption related to her husband’s violation of investment rules.However, the application was rejected.He did not attend the FOMC meeting on July 30-31 and announced his resignation on August 1, 2025.
Kugler, who steps in as Fed governor in 2023, first ran into trouble last year.At that time, she reported her husband’s stock purchases, including shares of Apple and Southwest Airlines, which were prohibited under the central bank’s investment ethics rules.
A recent publication from the Office of Government Ethics also revealed additional violations.
The documents show transactions made at or around the time of FOMC meetings, as well as direct purchases of individual stocks, activities that are completely prohibited for Fed officials and their families.
Kugler’s latest financial report was not certified by Fed ethics officials, a rare move.Kugler said the violation stemmed from her husband’s actions, which had no intention of breaking the rules.
A spokesperson for the Fed’s Inspector General confirmed an investigation into Kugler had been opened.
“We cannot provide further comment until the investigation is complete,” he said.
Kugler’s case is the latest addition to a series of ethical violations that have plagued the Fed in recent years.
In 2021, two regional Federal Reserve presidents stepped down after their trading activities sparked conflict of interest concerns.The Fed then tightened rules regarding the types of investments and timing of transactions for officials and their families.
Several other regional officials, including Atlanta Fed President Raphael Bostic, have also been criticized for investment activities deemed to violate standards.Even Fed Chair Jerome Powell was the subject of a review by internal watchdogs.
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