Former Federal Reserve Bank governor violated stock trading rules, ethics report concludes

Former Federal Reserve Board Gov. Adriana Kugler violated stock trading rules, according to a report by the U.S. Government Ethics Office released Saturday.

The report follows Kugler's resignation in August, CNBC reported. Kugler was appointed by former President Biden in 2023, and her term was originally supposed to end in January.

Kugler filed a financial disclosure report on Sept. 11, which shows securities transactions, but the report notes on Oct. 10 that Ethics Office officials declined to certify it.

An Ethics official's note on the disclosure says that “matters related to this disclosure were referred earlier this year” by the office to the Office of Inspector General for the Board of Governors of the Federal Reserve System.