according to a Federal Reserve official, former Federal Reserve Board member Kugler suddenly resigned because Federal Reserve Chairman Powell refused to approve her exemption from handling financial assets that violated the Federal Reserve's code of ethics. The official stated that Kugler was under investigation by the Federal Reserve's internal oversight agency due to recent issues with her financial disclosures before resigning in August. Documents made public on Saturday show that officials from the Federal Reserve's Office of Ethics refused to approve the latest financial disclosure materials submitted by Kugler and referred the matter to the Federal Reserve's Office of Inspector General. These disclosure materials, published on the U.S. government ethics office website, indicate that the details of her financial activities may have violated the Federal Reserve's internal ethical standards. Kugler announced her resignation on August 1, effective August 8, without specifying the exact reasons. (Jin10)