Former Federal Reserve Board member Kugler resigned over multiple stock trades violating Federal Reserve policies
Former Federal Reserve Board member Kugler reported numerous stock transactions in her annual financial disclosure forms, which violated Federal Reserve policies, prompting the Fed to refer the matter to its inspector general this year. These forms were made public by the Office of Government Ethics on Saturday. Kugler submitted these disclosure documents in September, and she resigned from her position as a Fed board member in August.
The disclosed information shows that she violated two Federal Reserve policies: first, she violated the rule against trading individual stocks; second, these purchases occurred during the so-called "quiet period" before the July and September 2024 Federal Reserve meetings, during which all financial transactions are prohibited. In her 2024 disclosure documents, she stated that upon learning of the violation, she immediately notified the ethics officials and disposed of the relevant assets as soon as possible within the time frame set by the Fed.
Newly released disclosure information on Saturday showed that there were at least a dozen additional individual stock trades in 2024, with some transactions occurring consecutively within weeks. Additionally, two prohibited stock trades took place just days before the Federal Open Market Committee (FOMC) meetings.
The disclosure information states: "According to her disclosure on September 15, 2024, certain trading activities were conducted by Dr. Kugler's spouse without Dr. Kugler's knowledge, and she confirmed that her spouse had no intention of violating any rules or policies."
A Federal Reserve official revealed that before the July Federal Reserve meeting, Kugler had requested Powell for an exemption from the trade restrictions she had violated, so that he could attend the meeting without violating the Federal Reserve rules. Powell rejected the request.
Dr. Kugler or her husband purchased shares in Cava Group on March 13, one week before the Federal Reserve's March 19-20, 2024 meeting. They sold the shares on April 5, repurchased them on April 23, and sold them again on May 15.
The disclosure information also shows that the company purchased shares in Southwest Airlines on March 22, and then sold a larger amount of Southwest Airlines shares on April 29, the day before the Federal Reserve's April 30-May 1, 2024 policy meeting. Additionally, the disclosure information shows that the company purchased Apple Inc. shares worth $100,000 to $250,000 in April 2024 and sold Caterpillar Inc. shares worth $50,000 to $100,000 in October 2024. (Still Wayne)
Original: www.toutiao.com/article/1848898401929219/
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