What did the ethics report reveal about Adriana Kugler's actions?

The ethics report showed that Adriana Kugler, a former Federal Reserve governor, violated the central bank's trading rules by making stock purchases during a "blackout period" ahead of FOMC meetings.

How did the Federal Reserve respond to Kugler's actions?

Fed Chair Jerome Powell denied Kugler's request for a trading waiver, and she subsequently resigned from the Federal Reserve in August 2025.

What were the new trading rules implemented by the Federal Reserve in 2021?

The Fed banned policymakers and senior staff from buying individual stocks and bonds and restricted active trading in an effort to increase transparency and accountability.

Home / Business and Economy / Ex-Fed Official Adriana Kugler Violated Trading Rules, Ethics Report Shows

Ex-Fed Official Adriana Kugler Violated Trading Rules, Ethics Report Shows

16 Nov

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Summary

Adriana Kugler, former Fed governor, broke central bank's trading rules
Kugler made trades during "blackout period" ahead of FOMC meetings
Fed Chair Jerome Powell denied Kugler's request for a trading waiver

Ex-Fed Official Adriana Kugler Violated Trading Rules, Ethics Report Shows

On November 15, 2025, a report released by the US Office of Government Ethics revealed that Adriana Kugler, a former member of the Federal Reserve Board of Governors, had broken the central bank's trading rules. Kugler, who had announced her resignation from the Fed in August 2025, was found to have made stock trades during a "blackout period" ahead of Federal Open Market Committee (FOMC) meetings, when officials are prohibited from trading securities.

According to the report, Kugler had requested a waiver from the Fed's "blackout trading restrictions" in advance of the July 2025 FOMC meeting, which she did not attend. The waiver was denied by Fed Chair Jerome Powell. Kugler's resignation from the Fed was announced shortly after.