---
title: "Former Federal Reserve Governor Kugler resigns after more trading violations"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266042786.md"
description: "Former Federal Reserve Governor Adriana Kugler resigned after violating the central bank's ethical standards regarding financial holdings, following Chairman Powell's refusal to grant her a waiver. She had applied for a waiver to manage financial assets that were not permitted to be held but was denied. New documents reveal her involvement in prohibited transactions, including individual stock trades. Kugler announced her resignation on August 1 without stating the reason"
datetime: "2025-11-15T19:05:37.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266042786.md)
  - [en](https://longbridge.com/en/news/266042786.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266042786.md)
---

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# Former Federal Reserve Governor Kugler resigns after more trading violations

A Federal Reserve official stated that former Federal Reserve Governor Adriana Kugler suddenly resigned after Chairman Jerome Powell refused to grant her a waiver to handle financial holdings that violated the central bank's ethical standards.

According to documents released on Saturday, Kugler was also facing an investigation by the Federal Reserve's internal watchdog due to recent financial disclosures prior to her resignation in August.

The documents show that the Federal Reserve's ethics officials refused to certify Kugler's latest disclosures and referred the matter to the Federal Reserve's Inspector General; these disclosures have been published on the U.S. Office of Government Ethics website. The Office of Government Ethics also refused to certify Kugler's latest disclosures.

The disclosed information revealed details of financial activities that violated the Federal Reserve's internal ethical guidelines.

 Former Federal Reserve Governor Adriana Kugler

Kugler announced on August 1 that she would resign on August 8 but did not specify the reason, having previously been absent from the Federal Reserve's policy meeting on July 29-30. At that time, the Federal Reserve stated that her absence was due to "personal matters."

Prior to that meeting, Kugler had applied for approval to conduct financial transactions to handle financial assets that Federal Reserve officials said were not permitted to be held. It is currently unclear what holdings were involved in that request.

Regulations require Federal Reserve officials to obtain approval before engaging in certain financial transactions and prohibit them from trading during the quiet period of policy meetings, the official stated, adding that Kugler had applied for a waiver regarding these regulations. Powell denied this request.

**Prohibited Transactions**

The newly released documents revealed previously undisclosed stock trades for 2024, including Materialise NV, Southwest Airlines, Cava Group, Apple, and Caterpillar. Federal Reserve officials and their immediate family members are prohibited from engaging in such transactions.

Kugler declined to comment. She was appointed by former President Joe Biden in September 2023.

In the financial disclosures released on Saturday, Federal Reserve ethics official Sean Croston stated, "In accordance with our standard practices and policies, matters related to this disclosure were referred earlier this year to the independent Office of Inspector General of the Federal Reserve Board by the Board's ethics office."

This financial disclosure was submitted about a month after Kugler's departure and covers the period from 2024 and 2025 until her departure. Senior officials of the Federal Reserve are required to submit financial disclosures annually, as well as after leaving the central bank, and to report financial transactions regularly.

**Previous Violations**

In the 2024 periodic financial disclosure, Kugler acknowledged that she violated the Federal Reserve's investment and trading regulations because her spouse completed four purchases of stock in Apple Inc. and Cava Group Inc These transactions violated the central bank's regulations restricting senior officials, their spouses, and minor children from investing and trading.

Kugler stated that her spouse completed the purchase without her knowledge. According to disclosed information, these stocks were subsequently disposed of, and the ethics officials designated by the Federal Reserve determined that Kugler complied with applicable laws and regulations.

Kugler's resignation provided the president with an earlier opportunity to fill the vacancy on the Federal Reserve Board amid President Donald Trump's strong pressure on decision-makers to significantly cut interest rates. This position was ultimately taken over by Trump's ally, Stephen Moore, who took an unpaid leave from his role as a White House economic advisor and has repeatedly called for rapid interest rate cuts

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