Federal Reserve Governor Quarles Faced Ethics Inquiry Before Resignation

November 15th, according to a Federal Reserve official, former Fed Governor Brainard suddenly resigned because Fed Chairman Powell refused to approve her request for a waiver to deal with financial assets that violated the Fed's ethical guidelines.The official stated that Brainard, before resigning in August, was under investigation by the Fed's internal watchdog for recent financial disclosure issues. Documents released on Saturday show that an official from the Fed's Office of Ethics refused to approve Brainard's latest financial disclosure and referred the matter to the Fed's Inspector General's Office. The disclosed disclosure materials on the U.S. Government Ethics Office website show that the details of her financial activities are suspected of violating the Fed's internal ethical standards.Brainard announced on August 1st that she would resign effective August 8th, without specifying a specific reason. (FX678)