Nominee Files 69-Page Ethics Report
Kevin Warsh, the former Federal Reserve governor selected by President Donald Trump to lead the U.S. central bank, has submitted financial disclosure documents indicating assets worth well over $100 million.
The 69-page filing, submitted to the U.S. Office of Government Ethics (OGE), is a required step before his nomination can move forward in the Senate. A confirmation hearing before the Senate Banking Committee has not yet been scheduled.
Estimating net worth from federal ethics forms can be challenging because asset values are often reported in broad ranges. However, the disclosure lists two separate investments in Juggernaut Fund LP, each valued at more than $50 million. It also details $10.2 million in consulting fees from the investment office of billionaire investor Stanley Druckenmiller.
Divestment Commitments and Confidential Holdings
The Juggernaut investments include a note stating that underlying assets are not disclosed due to confidentiality agreements. Warsh pledged to divest these holdings if confirmed.
Additional interests include roughly two dozen holdings in THSDFS LLC, some individually valued at up to $5 million. These assets are similarly marked for divestment upon confirmation.
Heather Jones, the OGE analyst who reviewed the filing, wrote that once the pledged divestments occur, Warsh would be in compliance with the Ethics in Government Act.
Tech and Crypto Investments
The disclosure lists dozens of other investments, many concentrated in technology, artificial intelligence, and cryptocurrency ventures. In several cases, no dollar value is specified, as federal rules do not require detailed reporting for securities worth less than $1,000.
Among the named companies are Cafe X, described as a robotic coffee platform; Cionic, a wearable technology firm; Blast, identified as a yield-generating Ethereum layer-two project; and Contraline, focused on reversible male contraception.
Spousal Assets and Liabilities
The filing also includes holdings of Warsh’s spouse, Jane Lauder, whose family is associated with the Estee Lauder cosmetics company. Some of her municipal bond investments are listed with values exceeding $1 million.
Warsh’s reported liabilities appear limited. They include a 2015 mortgage of up to $5 million from JP Morgan Chase at 2.75%, a revolving credit line of up to $5 million from PNC Bank at roughly 6%, and capital commitments of $1.95 million tied to THSDFS LLC.
Next Steps in the Confirmation Process
The filing marks a significant procedural step in Warsh’s anticipated confirmation to succeed Jerome Powell as Federal Reserve chair. Under committee rules, senators must receive at least five business days’ notice before a hearing can be scheduled.
With required documentation now submitted, the earliest possible appearance before the Senate Banking Committee could come next week, though officials have not confirmed a timeline.
