Newly released financial disclosures for Kevin Warsh, President Donald Trump’s nominee to lead the Federal Reserve, show the former governor holds assets valued well above $100 million. The filings, made public Tuesday, suggest Warsh is on track to become the wealthiest central bank leader in U.S. history if confirmed.
The 69-page document includes two separate investments in the Juggernaut Fund LP worth more than $50 million each. It also lists $10.2 million in consulting fees received from the investment office of Stanley Druckenmillen.
Warsh has pledged to divest several of these holdings if he takes office. This includes assets within the Juggernaut Fund and dozens of interests in THSDFS LLC, some of which are valued at up to $5 million each.
Scrutiny over undisclosed holdings
The disclosures contain gaps regarding the specific underlying assets in certain funds due to pre-existing confidentiality agreements. Kathryn Judge, a professor at Columbia Law School, said the Senate should use upcoming hearings to address these unanswered questions.
"Warsh is wealthy and well connected," Judge said, noting that the disclosure provides a snapshot of how financial connections build further wealth.
Other disclosed holdings focus on emerging sectors like artificial intelligence and cryptocurrency. These include interests in the robotic coffee platform Cafe X, the Ethereum-based layer two Blast, and the bionic clothing firm Cionic.
Warsh’s spouse, Jane Lauder, is also included in the filing. Her family interests include the Estee Lauder cosmetics brand, and Forbes Magazine estimates her individual net worth at approximately $1.9 billion.
Federal Reserve ethics rules, updated in 2022, strictly limit the types of investments officials may hold. These regulations prohibit the ownership of bank stocks and crypto-related investments to prevent conflicts of interest.
OGE analyst Heather Jones noted that Warsh's commitments to divest certain assets would bring him into compliance with the Ethics in Government Act once finalized.
Warsh’s confirmation hearing is scheduled for April 21. However, the confirmation process faces potential delays from Republican lawmakers pledging to block the nomination pending a Department of Justice investigation into current Fed Chair Jerome Powell.
