Back in August, Federal Reserve Board governor Adriana D. Kugler suddenly stepped down before her term ended, allowing President Trump to add someone of his choosing (Stephan Miran). It happened kind of quietly, and no reason was given for her leaving--until now.
Things have not been great on the image front at the Fed, including for another governor, Lisa Cook, who was recently embroiled in a controversy over alleged real estate fraud, although the U.S. Supreme Court has since released an order that allows her to stay on until oral arguments begin in January 2026.
In January of this year, a former adviser to the banking board got indicted on charges of conspiracy to commit espionage, as RedState's Susie Moore wrote: Sixty-three-year-old John Harold Rogers of Virginia was arrested Friday and charged with conspiracy to commit economic espionage and with making false statements. Rogers allegedly conspired to steal FRB trade secrets in order to aid China.
Now, a disclosure in a newly-released government report reveals the swift exit by Kugler came after she broke stock-trading rules enforced by the bank--more than once: Adriana D. Kugler, who abruptly stepped down from her role as a governor at the Federal Reserve in August, repeatedly violated the central bank’s trading rules, according to a report from the U.S. Office of Government Ethics released on Saturday.
The new disclosures showed multiple purchases and sales of shares in individual stocks including Apple, Southwest Airlines and Cava, a restaurant group — many of which took place during the so-called blackout period ahead of policy meetings in which officials are not allowed to make such trades. Ms. Kugler specified in the disclosure forms that the transactions were carried out by her husband without her knowledge and that “her spouse did not intend to violate any rules or policies.” Ms. Kugler is married to Ignacio Donoso, an immigration attorney.
