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The former governor of the Federal Reserve board who stepped down from his role suddenly in the summer violated the bank’s trading rules, according to a report on Saturday revealing new disclosures from the US government’s policy office.
Documents related to Adriana Kugler revealed numerous purchases and sales of shares in stocks such as Apple and the sale of a restaurant that was made during the purchase when it was allowed to do so, the New York Times reported.
The disclosure states that, “certain commercial activity was conducted by Dr. Kugler’s Spokesman, without Dr. Kugler’s knowledge, and he confirms that his spouse did not intend to violate any laws or policies.”
The rules of the Federal Reserve, which apply to the policy’s spouses and children, prohibit trading in individual companies and limit purchases in various investments and mutual funds, according to both periods. The newspaper added that the rules also prohibited the trading of cryptocurrencies, foreign exchange and commodities and prohibited any transactions in practice during the terms of almost weeks of cash.
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Adriana Kugler testifies that the Senate Banking committee heard her appointment as a member of the Federal Reserve Board of Labusis, on Capitol Hill in Washington, US, on June 21, 2023. (Jonathan Ernst / Reuters / Reuters)
The Federal Reserve changed its trading rules in 2022 after it was discovered that some policy makers found themselves holding back on financial markets while the Federal Reserve was taking steps to reverse the coronavirus pandemic, the newspaper also said.
FOX Business reached out to the US Office of Government Accountability.
Kugler’s resignation was announced by the Federal Reserve early in August.
“It has been a lifetime honor to serve on the Board of Governors of the Federal Reserve System,” Kugler said in a statement at the time. “I am honored to serve at such a critical time to achieve our dual mandate of bringing prices down and keeping the labor market strong and resilient.”
“I appreciate Dr. Kugler’s service on the board and wish him the best in his future endeavors,” added Federal Reserve Chairman Jerome Powell. “He brought impressive experience and insight learned from his work to the board.”
Dr. To Kugler he said, as governor, “Dr. Kugler was an active member on many committees, including the Finance Committee, the Board’s affairs committee, and the Board’s small banking committee.”
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Adriana Kugler, a member of the Board of Governors of the Federal Reserve, speaks to the New York Economic Club in New York City on June 5, 2025. (Kylie Cooper / Reuters / Reuters)
The Times reported on Saturday that some of the inappropriate efforts, which ranged from $250,000, were flagged by the Federal Reserve Walderdog earlier this year.
Shortly before his resignation announcement, Kugler asked Powell in July to grant him a waiver so he could trade during the accounting period, but that request was denied, the newspaper said.
A Federal Reserve official told FOX Business that Kugler had her first meeting with the Federal Bureau of Investigation in October 2024 and said her husband had engaged in activities that violated policy and that he was on the mend. About the end of last year, Kugler also had officer conduct training and as that training continued, it became clear to officers that Kugler had more violations of the law, the official said.
US Federal Reserve Chair Jerome Powell speaks during a press conference at the end of the Financial Committee meeting in Washington on Oct. 29, 2025. (Jim Watson/AFP/Getty Images/Getty Images)
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First, Kugler started to leave the organization that kept the chief of this uprising in January and during his departure in the morning, he said that he has returned to Georgetown University to teach, reported the Times.
FOX Business could not reach the Kuglers for comment.
