A report released Saturday by the US Office of Government Ethics shows that former Federal Reserve Board governor Adriana D. Kugler made, or had made on her behalf, multiple securities transactions in 2024 that ran counter to the central bank’s trading rules. The findings come three months after her unexpected resignation from the Fed’s Board of Governors.

The report, highlighted by CNBC, points to trades in Apple, Southwest Airlines, Caterpillar, and Cava Group. Several of these transactions took place during the Fed’s blackout periods, the restricted windows before and after Federal Open Market Committee (FOMC) meetings, where senior officials are barred from trading.

Why the trades triggered scrutiny

Kugler’s September 11 financial disclosure listed two types of violations:

• Purcha

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