Overview
- Newly released Office of Government Ethics disclosures detail multiple 2024 trades in individual stocks — including Apple, Cava Group, Southwest Airlines, and Caterpillar — that are barred under Federal Reserve rules.
- Several transactions occurred during blackout periods before FOMC meetings, when senior Fed officials are prohibited from trading.
- Chair Jerome Powell denied Kugler’s July request for a waiver to fix impermissible holdings; she skipped the July 29–30 policy meeting and resigned effective August 8.
- The Fed’s ethics office declined to certify her filing and referred the matter earlier this year to the Office of Inspector General, which confirmed an open investigation.
- Kugler said certain trades were executed by her spouse without her knowledge; her departure opened a board seat filled by President Trump’s appointee Stephen Miran, as lawmakers called for stronger safeguards.