Kevin Warsh, President Donald Trump’s pick for the next Federal Reserve chair, is worth more than $100 million, according to a financial disclosure report released by the Office of Government Ethics (OGE) on Tuesday.
Warsh will testify before the Senate at a confirmation hearing on April 21. It’s customary for nominated political appointees to submit financial disclosures ahead of Senate confirmation hearings, and the values of their assets are typically given in large ranges.
Warsh’s assets are valued between $131 million and more than $209 million in total, according to The Wall Street Journal. His largest assets are two investments in “Juggernaut Fund” worth more than $50 million each. He also owns more than four dozen assets associated with THSDFS LLC, some individually worth as much as $5 million.
Warsh reported having stakes in SpaceX and prediction market Polymarket, though did not disclose their value. He also has stakes in several dozen AI companies including Cafe X, the robotic coffee bar company, and several crypto investment and trading firms.
Upon confirmation, Warsh will resign his positions on the board of UPS and as a partner at investment firm Duquesne Family Office LLC, where he made $10.2 million in consulting fees.
The disclosures also included the holdings of Warsh’s wife, Jane Lauder, the granddaughter of cosmetics billionaire Estée Lauder, who sits on the board of The Estée Lauder Companies. Lauder has a personal net worth of $2 billion and owns more than a million in Class A stock in Estée Lauder, according to the filing.
Warsh currently owns between $1 million and $5 million in UPS vested phantom stock and another $1 million and $5 million in vested restricted stock units, according to the filing. Six months after his confirmation, he will receive a cash payment equal to the value of the vested phantom stock, Warsh wrote.
He will also resign his positions at the think tanks Group of 30 and the Hoover Institution, as well as a visiting fellow at Stanford University’s Graduate School of Business.
Warsh previously served as a Fed governor from 2006 to 2011. Before that, Warsh worked for Morgan Stanley from 1995 to 2002 and left the company as a vice president and executive director. In 2002, President George W. Bush appointed him as special assistant to the president for economic policy and executive secretary at the National Economic Council where he served until 2006 when the president nominated to the Fed.
While Warsh’s confirmation hearing is scheduled for next week, it could be some time before he takes over from current Fed Chair Jerome Powell. Sen. Thom Tillis (R-NC) has vowed to block any of the president’s Fed nominees until the Department of Justice’s criminal probe of Powell is resolved. This will most likely lead to a 12-12 split vote on the narrowly divided banking committee, stopping the nomination from reaching the entire Senate for a vote. If confirmed, Warsh will make $253,100 a year, the salary of top-level political appointees such as cabinet secretaries and agency heads.
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