Former Fed governor Kuggler faced an ethical investigation before resigning.

On November 15, according to a Federal Reserve official, former Federal Reserve Board of Governors member Kuggler abruptly resigned because Fed Chairman Powell refused to approve her exemption for handling financial assets that violated the Fed's ethical guidelines. The official stated that Kuggler was under investigation by the Fed's internal oversight body for her recent financial disclosure issues prior to her resignation in August. Documents made public on Saturday show that officials from the Fed's Office of Ethics declined to approve Kuggler's latest financial disclosure materials and referred the matter to the Fed's Office of Inspector General. These disclosure materials, published on the U.S. Government Ethics Office website, indicate that details of her financial activities may have violated the Fed's internal ethical standards. Kuggler announced her resignation effective August 8 on August 1, without specifying the reasons. (Jin10)