Kevin Warsh’s newly submitted financial disclosures show assets of well over $100 million, exceeding all recent Federal Reserve chairs, as his nomination hearing to lead the central bank is expected to take place next week.
President Trump’s nominee to succeed Federal Reserve Chair Jerome Powell submitted financial filings that show he has holdings of approximately $131 million to $209 million.
This makes Mr. Warsh significantly richer than Mr. Powell, who was thought to be the wealthiest Fed chair since the 1940s, with a net worth of $19.7 million. He is an economic policy adviser to Mr. Trump and a former Fed governor.
Mr. Warsh’s 69-page disclosure details roughly 1,800 individual assets, including tech, real estate and health care. More than 60 of the entries say, “Underlying assets are not disclosed due to a preexisting confidentiality agreement. I will divest this asset if confirmed.”
He disclosed two investments worth more than $50 million each in the Juggernaut Fund LP, and $10 million from working with investor Stanley Druckenmiller, which he has jokingly called his “day job.”
Dozens of other assets are listed without their value, many of which may not be included because they are not required to be if they are less than $1,000.
Mr. Warsh’s wife, Jane Lauder, holds hundreds of millions in additional assets, which include the Estee Lauder cosmetics company. Forbes estimates her net worth at around $1.9 billion. Some of the filings in her family name are simply listed as “over $1,000,000.”
His paperwork filings put him one step closer to a Senate hearing, as committee rules require five business days’ notice to schedule a hearing once the disclosure is submitted. Next week is the earliest Mr. Warsh could appear before the committee.
The Senate Banking Committee Chair Tim Scott is expected to announce that the hearing will be held on April 21. The South Carolina Republican confirmed Tuesday on Fox Business that he plans to bring Mr. Warsh before the congressional panel next week.
“We’ll talk through the economy. We’ll talk through price stability and inflation. We’ll talk about the independence of the Fed,” he said.
