Ex-Fed Governor Kugler faced ethics probe before resignation

Core Points - Former Federal Reserve Governor Adriana Kugler resigned after her request for a waiver to address financial holdings was denied by Chair Jerome Powell, amid an internal probe regarding her financial disclosures [1][3][4] - Kugler's financial disclosures revealed violations of the Fed's ethics rules, leading to a referral to the board's inspector general [2][5] - Kugler's resignation allowed President Donald Trump to appoint Stephen Miran to the Fed's board, amidst calls for lower interest rates [7] Summary by Sections Resignation and Ethics Violations - Adriana Kugler announced her resignation effective August 8, 2023, after missing a policy meeting due to a "personal matter" [3] - The Fed's ethics officials did not certify Kugler's financial disclosures, which indicated potential violations of internal ethics rules [2][4] - Kugler's spouse made stock purchases without her knowledge, which were later divested, and she was deemed compliant with applicable laws [5][6] Impact on Federal Reserve - Kugler's resignation provided an opportunity for President Trump to fill a vacancy on the Fed's board, leading to the appointment of Stephen Miran, who has advocated for rapid interest rate cuts [7] - In response to previous trading violations by senior officials, the Fed implemented stricter investment and trading restrictions in 2022 to enhance public confidence [8][10]