Archive · 16 Nov 2025
Ex-Fed Governor Adriana Kugler Investigated for Trading Violations
Imagine someone who works for the country's main bank, like a teacher who makes important rules.
This person bought and sold some company stocks, which is sometimes not allowed for people in their position, especially when the bank is about to make big decisions about money.
They were also supposed to ask permission before trading during certain busy times, like right before big meetings, but they didn't always do that.
The person said their husband made the trades without them knowing.
Now, another office that checks on ethical behavior is looking into it, and even the boss of the bank said no to letting them trade.
Because of these issues, the person decided to leave their job early.
Former Federal Reserve Governor Adriana Kugler is under investigation for alleged violations of the Fed's ethics rules.
The allegations involve undisclosed trades in individual stocks from 2024, some occurring during the Fed's blackout periods.
Kugler reportedly requested a waiver for financial transactions, which Fed Chair Jerome Powell denied.
Her husband allegedly executed some stock transactions without her knowledge, a claim she has made previously.
The Office of Government Ethics released financial disclosures, and the Fed's inspector general is conducting an ongoing probe.
- Who
- Former Federal Reserve Governor Adriana Kugler
- What
- Is under investigation for allegedly violating Federal Reserve ethics rules regarding financial trading.
- When
- Violations allegedly occurred in 2024, with documents released on a Saturday. Kugler resigned on August 1, effective August 8.
- Where
- Federal Reserve Board and its Office of Government Ethics.
- Why
- The trades included individual stocks and occurred during the Fed's blackout period, with Kugler reportedly seeking a waiver which was denied.
Kugler's Position
Federal Reserve Policy
Knowledge of Trades
Kugler's Position
Adriana Kugler stated her husband executed stock transactions without her knowledge and without intent to breach rules. She had previously admitted to breaching prohibitions when her husband carried out stock transactions, which were then sold off.
Federal Reserve Policy
Fed ethics officials reported that some trades took place during the Fed's blackout period, violating agency rules. The Office of Government Ethics released financial disclosures revealing previously undisclosed trades in individual stocks from 2024.
Waiver Request
Kugler's Position
Kugler reportedly requested a waiver from rules requiring clearance for financial transactions and prohibiting trading during blackout periods.
Federal Reserve Policy
Fed Chair Jerome Powell refused Kugler's request for a waiver ahead of a policy meeting.
- Former Official
- Adriana Kugler, former Federal Reserve Board Governor
- Report Source
- Office of Government Ethics
- Time Period of Alleged Violations
- 2024 (during her tenure)
- Alleged Violations
- Trading individual stocks, transactions during Fed blackout periods, failure to obtain clearance for transactions
- Investigating Body
- Fed's inspector general
- Resignation Date
- August 1 (effective August 8)
- Political Context
- Resignation allowed for an earlier Fed board seat appointment by former President Trump.