Gate News message, April 14 — The Senate Banking Committee is expected to hold a confirmation hearing for Kevin Warsh, President Trump’s nominee for Federal Reserve chair, on April 21. Warsh submitted financial disclosures showing assets valued between $131 million and $209 million, making him potentially the wealthiest Fed chair in history. He has agreed to divest substantial holdings to comply with ethics rules.
Warsh’s assets include two stakes worth approximately $50 million each in Juggernaut Fund, managed by Stanley Druckenmiller’s firm, and about $10 million in consulting fees from his role as an adviser to Druckenmiller. He will resign from board positions at UPS and South Korean e-commerce company Coupang. Warsh previously served as a Fed governor from 2006 to 2011 and is married to Jane Lauder, daughter of Estée Lauder heir Ronald Lauder.
Warsh’s confirmation faces obstacles due to an ongoing Justice Department criminal investigation into current Fed Chair Jerome Powell over renovation spending at the central bank’s headquarters. Republican Senator Thom Tillis has pledged to block any Fed nominee until the investigation concludes. Senate Banking Committee Chair Tim Scott said on April 14 that he expects the DOJ to wrap up the matter within weeks and Warsh to be confirmed shortly thereafter.
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