Former Federal Reserve Governor Adriana Kugler, who resigned in August, is under scrutiny for alleged trading-rule violations, according to new disclosures cited by the U.S. Office of Government Ethics (OGE). The reports indicate she, or her spouse, made stock trades during a blackout period before policy decisions—contravening Fed guidelines.
One of the filings states the trades involved companies such as AAPL (Apple), LUV (Southwest Airlines) and Cava. The Times reported that the trades took place when governors and their families were barred from individual-stock transactions and during the roughly two weeks ahead of rate-setting meetings.
Kugler told OGE that some of the transactions were carried out by her spouse “without Dr Kugler’s knowledge,” and that no intent to violate policy was meant. The Fed revamped its trading prohibition for policymakers and family members in 2022 after prior instances of regulatory board members trading while major monetary-policy moves were in motion.
Kugler’s early departure from the Fed was announced in August, although her term was expected to wind down in January. The central bank issued a statement thanking her for her service, while OGE and the Fed’s internal watchdog are now reviewing the matter.
