TechFlow, November 15 — According to Jinshi News, a Federal Reserve official revealed that former Fed governor Kugler abruptly resigned because Fed Chair Powell refused to approve her exemption request regarding financial assets that violated the central bank's ethics rules.
The official said Kugler had been under investigation by the Fed's internal watchdog over recent financial disclosure issues prior to her August resignation. Documents made public on Saturday show that officials from the Fed's ethics office rejected Kugler's latest financial filing and referred the matter to the Fed's inspector general. The filings, posted on the U.S. Office of Government Ethics website, indicate details of her financial activities potentially breached internal Fed ethical guidelines.
Kugler announced on August 1 that she would step down effective August 8, without giving specific reasons.
