Overview
- Newly released documents show more than a dozen 2024 trades, including during blackout periods before FOMC meetings, in breach of Fed rules.
- Federal Reserve ethics officer Sean Croston said the matter was referred earlier this year to the Board’s Office of Inspector General, which confirmed an open probe.
- Before the late-July policy meeting, Adriana Kugler sought a waiver from Chair Jerome Powell to address impermissible holdings; the request was denied, she missed the meeting, and she resigned on August 1 effective August 8.
- The disclosures list transactions in Apple, Cava Group, Southwest Airlines, Caterpillar, Palo Alto Networks and Fortinet, and note some trades were executed by her spouse without her knowledge.
- Her exit enabled President Donald Trump to appoint Stephen Miran to the vacant seat, and the case has prompted fresh calls from lawmakers for stricter oversight of Fed ethics.