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
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
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.
The ethics report also noted that in October 2024, Kugler had been given training after another issue led Fed ethics officials to refer her to the Office of the Inspector General. The OIG has now opened an investigation into the matter.
The Federal Reserve had implemented new trading rules in October 2021 following a controversy over trades made by senior officials. The rules banned policymakers and senior staff from buying individual stocks and bonds and restricted active trading.
