Overview
- New disclosures from the U.S. Office of Government Ethics show Adriana Kugler made prohibited stock trades in 2024, including transactions during blackout periods before Federal Open Market Committee meetings.
- The Fed’s ethics office declined to certify her final filing and referred the matter to the Board’s Office of Inspector General, according to a note attributed to ethics official Sean Croston.
- A Fed official said Kugler sought a waiver from Chair Jerome Powell to address impermissible holdings before the July 29–30 policy meeting, was denied, missed that meeting, and announced her resignation on August 1 effective August 8.
- The filings cite multiple purchases and sales in companies such as Apple, Cava, Southwest Airlines, Caterpillar and Palo Alto Networks, with some activity attributed to her spouse and conducted without her knowledge under rules that also cover family members.
- The inspector general has opened an investigation following the referral, and her vacated seat was filled temporarily in September by White House economist Stephen Miran.