Kevin Warsh, Donald Trump’s choice to lead the Federal Reserve, filed financial disclosures overnight that lay out a fortune worth well over $100 million and set up the next step in his drive to become chair of the federal reserve of the united states. The filing was sent to the US Office of Government Ethics, the paperwork required for his nomination to advance through the Senate.
The disclosure shows two investments worth more than $50 million each in the Juggernaut Fund LP, plus $10.2 million in consulting fees from the investment office of Stanley Druckenmiller. Warsh said he will divest the Juggernaut Fund asset if confirmed. The filing also shows around two dozen holdings in THSDFS LLC, some individually worth as much as $5 million, and he pledged to divest those interests as well.
Heather Jones said that once the filer divests these assets, he will be in compliance. That leaves the main issue less about whether the paperwork exists than whether the divestitures happen quickly enough to clear the way for Senate review. Warsh’s liabilities include a 2015 mortgage of up to $5 million from JP Morgan Chase at 2.75%, a revolving line of credit of up to $5 million from PNC Bank at around 6%, and capital commitments of $1,950,000 to THSDFS LLC.
The filing also lists dozens of other assets without values, many tied to artificial intelligence and crypto. They include Cafe X, described as a robotic coffee bar platform; Cionic, a bionic movement-enhancing wearable clothing firm; Blast, described as a yield-generating Ethereum layer two; and Contraline, described as a reversible male contraceptive solution. Warsh’s spouse is Jane Lauder, whose family interests include Estée Lauder, and Forbes estimates her net worth at around $1.9 billion.
A Senate banking committee spokesperson declined Monday to comment on how the panel plans to handle the nomination. Committee rules require five business days’ notice once the necessary paperwork is in hand, making next week the earliest possible timing for Warsh to appear before the committee. But the schedule is still not the only obstacle: a key Republican lawmaker has vowed to block his confirmation until a Department of Justice investigation into Jerome Powell ends, centering on Powell’s oversight of renovations to the Federal Reserve’s headquarters in Washington, DC.
Warsh has now done the part that moves a nominee from speculation to process. The remaining question is whether the Senate can move him through before the dispute over Powell and the committee’s timing stalls the path to the Fed’s top job.
