The Biden-appointed Federal Reserve Governor was under investigation for violating stock trading rules when she abruptly resigned over the summer.
Biden-appointed Federal Reserve Governor Adriana Kugler announced she would be resigning from her post in August.
Adriana Kugler’s resignation left President Trump a vacancy to fill.
“Dr. Kugler, who has served as a governor since September 13, 2023, submitted her letter of resignation to President Trump and will return to Georgetown University as a professor this fall,” the announcement said.
More huge economic news: Federal Reserve Gov. Kugler is leaving the board and returning to Georgetown to teach, handing Trump an unexpected vacancy to fill pic.twitter.com/8T9hyCqzBj
— Brendan Pedersen (@BrendanPedersen) August 1, 2025
President Trump later announced Dr. Stephen Miran would fill the vacancy on the Federal Reserve Board until January 31, 2026.
According to a report by the US Office of Government Ethics, Kugler broke the trading rules last year.
Some of the trades were carried out by Kugler’s spouse, an immigration lawyer.
“Consistent with her September 15, 2024, disclosure, certain trading activity was carried out by Dr. Kugler’s spouse, without Dr. Kugler’s knowledge and she affirms that her spouse did not intend to violate any rules or policies,” the report said according to CNBC.
CNBC reported:
Former Federal Reserve Board Gov. Adriana Kugler last year broke the central bank’s rules barring trading of individual stocks and executing financial transactions close to meetings where interest rates are set, according to a report by the U.S. Office of Government Ethics released Saturday.
The report comes three months after Kugler abruptly and mysteriously resigned from the Fed’s Board of Governors without giving a reason. Kugler joined the Fed in September 2023 after being appointed by then-President Joe Biden.
Fed officials familiar with the matter told CNBC that concerns related to trading activity by her or her husband date to at least September 2024, when she began working with ethics officials to resolve violations of trading policies.
A financial disclosure report that Kugler filed with the OGE this year on Sept. 11 — which contains details of securities transactions by either her or her husband — notes that an Ethics Office official declined to certify the report on Friday.
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