"Former Federal Reserve Governor Adriana Kugler abruptly resigned after Chair Jerome Powell refused to grant her a waiver to address financial holdings that ran afoul of the central bank's ethics rules, according to a Fed official. Kugler also faced a probe by the Fed's internal watchdog related to her recent financial disclosures before stepping down in August, according to a document released Saturday."
"Kugler announced on Aug. 1 that she would resign effective Aug. 8, without citing a reason and after she missed the central bank's July 29-30 policy meeting. At the time, the Fed said her absence from the meeting was due to a "personal matter." Ahead of that meeting, Kugler requested a waiver to conduct financial transactions to address what the Fed official described as impermissible financial holdings. She discussed that request with Powell, who denied it, according to the official."
Adriana Kugler resigned effective Aug. 8 after Chair Jerome Powell denied a waiver she sought to address impermissible financial holdings. Fed ethics officials declined to certify her latest financial disclosures and referred the matter to the Board's Office of Inspector General. The disclosures covered calendar years 2024 and 2025 through her resignation and revealed financial activity that appeared to violate internal ethics rules. Kugler missed the Fed's July 29-30 policy meeting and requested the waiver ahead of that meeting. The Fed initially attributed her absence to a "personal matter." Top Fed officials must submit disclosures annually and after leaving the central bank and report periodic financial transactions. Fed ethics official Sean Croston confirmed the referral to the inspector general.
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