Overview
- A financial disclosure covering 2024 and part of 2025, posted Nov. 15, shows the Board Ethics Office declined to certify Adriana Kugler’s filing and referred it to the Federal Reserve’s inspector general.
- The document notes an internal watchdog probe related to her recent financial disclosures is underway.
- A Fed official told Bloomberg that Chair Jerome Powell denied Kugler’s request for a waiver to conduct transactions to address impermissible holdings, and the specific assets were not identified.
- Kugler announced on Aug. 1 that she would resign effective Aug. 8 after missing the July 29–30 policy meeting, which the Fed described as a personal matter.
- Her 2024 transaction reports disclosed that her spouse made four purchases of Apple and Cava shares that violated the Fed’s restrictions on investments by senior officials and their immediate family.