Kevin Warsh, economics fellow at the Hoover Institution and lecturer at the Stanford Graduate School of Management, speaks at the Thorne Investment Conference in New York City, USA, on May 8, 2017.
Brendan McDiarmid | Reuters
Federal Reserve Chairman candidate Kevin Warsh has submitted the necessary documents to the Senate, two people said on Monday, requesting anonymity to discuss sensitive information ahead of its release.
The financial disclosure filing brings Warsh one step closer to a Senate hearing. Advance plans to hold a public hearing this week had to be postponed due to a backlog in paperwork. Mr. Warsh is married to Estée Lauder heiress Jane Lauder, and Forbes magazine estimates his net worth at $1.9 billion.
The Senate still needs to receive Warsh’s responses to questions from the Senate Banking Committee, one of the people said. Once that questionnaire is received, the Senate can proceed with formal notice of a hearing. It will probably be held as early as next week.
But Warsh’s path to winning a full Senate vote remains unclear. Sen. Thom Tillis (R-North Carolina) said he would block final approval of Mr. Warsh’s candidacy until the federal criminal investigation into Federal Reserve Chairman Jerome Powell is resolved. Mr. Tillis is also a member of the Senate Banking Committee.
U.S. Attorney for the District of Columbia Jeanine Pirro has vowed to continue the case despite recent setbacks.
Powell’s term as chairman expires on May 15, but the Trump administration said last week that it expects Warsh to take over by then.
