Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, is set to easily be the richest ever to fill the position, according to personal financial details he disclosed in advance of his much-awaited confirmation process.
The next in consideration to head the Fed has submitted financial disclosures revealing holdings estimated between $131 million and $209 million – a figure that would make him the wealthiest Fed chair in US history if confirmed.
As reported by the Wall Street Journal and other publications, the 69-page filing, published Tuesday by the Office of Government Ethics, details roughly 1,800 individual assets spanning venture capital, private funds and cryptocurrency, including approximately two dozen positions whose underlying investments are shielded by pre-existing confidentiality agreements.
The 56-year-old Warsh, whom Trump revealed as his Fed chair pick in January, has pledged to divest a number of these holdings upon confirmation.
Among the most significant is a stake in the Juggernaut Fund valued at more than $50 million. The filing notes that the fund's underlying assets "are not disclosed due to pre-existing confidentiality agreements."
Beyond his investment portfolio, Warsh earned more than $10 million in consulting fees from the family office of hedge fund manager Stanley Druckenmiller – work he has jokingly called his "day job." He earned an additional roughly $3 million through his fellowship at Stanford University's Hoover Institution and advisory roles at several Wall Street firms. He also sits on the boards of UPS and South Korean retail giant Coupang, positions he has committed to vacating if confirmed.
The disclosures also cover assets held by Warsh's wife, Jane Lauder, a board member of the Estee Lauder cosmetics company. Forbes estimates Lauder's personal net worth at $1.9 billion, though many of her holdings in the filing are listed simply as "over $1,000,000."
For perspective, outgoing chair Jerome Powell's most recent disclosure shows wealth between $19 million and $75 million – itself a record at the time of his 2018 confirmation. Former chair Ben Bernanke's filings listed assets of no more than $2.3 million when he left the Fed in 2014.
In an interview with Reuters, Kathryn Judge, a professor at Columbia Law School, noted that Warsh is "wealthy and well connected" and that "the disclosure is a snapshot into how wealth and connections build greater wealth and connections." She said the Senate should press for more detail at the hearing on the many arrangements left incomplete by confidentiality agreements.
One of those likely to ask tough questions is Democratic Senator Elizabeth Warren, who sits as a ranking member on the Senate Banking Committee. In a charged letter to Warsh last month, Warren said his tenure on the Fed's Board of Governors between 2006 and 2011 ought to "disqualify [him] from a promotion. She also made her suspicions over his nomination clear, predicting he would be a "rubber stamp for President Trump’s Wall Street First Agenda."
Mark Spindel, chief investment officer at Potomac River Capital, told Reuters the disclosures offer "a comprehensive look at someone who's been...highly successful in merchandising his intellectual properties." On Warsh's crypto holdings, Spindel said "he's clearly leaned into crypto a bit," a posture he tied to broader financial shifts under the Trump administration.
Warsh's liabilities are comparatively limited, including a JPMorgan Chase mortgage of up to $5 million at 2.75% and a PNC Bank revolving line of credit of up to $5 million at roughly 6%.
A confirmation hearing is expected as early as April 21, but the path to a full Senate vote remains uncertain. Sen. Thom Tillis of North Carolina – also a member of the Senate Banking Committee – has pledged to withhold support until a Justice Department criminal investigation into Powell is resolved. A federal judge has quashed the relevant subpoenas, finding the probe to be an effort to pressure Powell to cut rates or resign, though the Justice Department has said it will appeal.
Powell's term as chair expires May 15. He has indicated he would stay on temporarily if Warsh is not in place by then.
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