Monday, November 17, 2025 -Former Federal Reserve Governor Adriana Kugler stepped down in August 2025 following disclosures that she broke the Fed’s strict ethics and trading rules, according to filings from the Office of Government Ethics.
The documents show she—or her spouse—engaged in multiple individual stock transactions in 2024, including trades in Apple, Southwest Airlines, Caterpillar, Cava Group, and others.
Several of these trades occurred during prohibited “blackout periods” just before key Fed policy meetings—a major violation of central bank rules.
Kugler had reportedly asked Fed Chair Jerome Powell for a waiver to address “impermissible holdings,” but her request was denied, and she missed the July interest-rate meeting.
Ethics officials refused to certify her final financial disclosure, and the matter has been referred to the Fed’s Office of Inspector General for investigation.
Her departure opens the door for a politically aligned appointee to her seat, raising fresh questions about accountability and governance at the central bank.
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