Sen. Elizabeth Warren speaks at a No Kings Day event on March 28, 2026, on Boston Common.
Finn Gomez | Boston Globe | Getty Images
Kevin Warsh’s new financial disclosures shed light on the Federal Reserve chairman candidate’s vast wealth, but also raise questions about some of his holdings that are not fully disclosed in the filing. That could pose a challenge for Warsh, who is trying to overcome a legacy of ethics scandals under current chairman Jerome Powell.
Mr. Warsh disclosed in a Senate filing Tuesday that he owns assets worth approximately $135 million to $226 million. This is in addition to what Forbes estimates is a $1.9 billion fortune held by his wife Jane Lauder, granddaughter of cosmetics founder Estée Lauder.
But Mr. Warsh’s revelations did not reveal everything about his wealth. First, it’s impossible to accurately calculate his wealth because the form only asks for a wide range of values to be reported. The two separate assets are each simply listed as being worth more than $50 million. Its value could be just above that threshold, or much more.
Sen. Elizabeth Warren (D-Mass.) on Thursday called for caution with these two holdings of financial institutions known as juggernaut funds. Mr. Warsh said in his filing that he has ties to the Duquesne Family Office, a financial company run by investor Stanley Druckenmiller. Warsh has worked there since leaving the Fed more than 15 years ago.
But that’s all the information Mr. Warsh has provided about some of his assets, which appear to make up the bulk of his personal wealth. In his filing, Warsh declines to say what actually lies in Juggernaut’s holdings and several other smaller funds because he is bound by “existing non-disclosure agreements.”
“Not talking about his assets, which are over $100 million, means it’s impossible to understand his entanglements,” Warren told reporters at the Capitol on Thursday.
“This is the first Federal Reserve candidate who has not complied with the Ethics Code, and this is the first President Trump nominee this term who has not complied with the Ethics Code,” Warren said.
Although it could not be determined whether Mr. Warsh was indeed the first such candidate, a government ethics official’s memo included in his filing says Mr. Warsh is currently not in compliance with the holdings ethics code for not disclosing the underlying holdings of the fund.
Warsh has committed to selling these assets within 90 days of confirmation. And ethics officials say if Mr. Warsh does so, he will again abide by ethics rules.
The Office of Government Ethics declined to comment, saying it does not discuss individual filings.
Warsh declined to comment. He spoke with Warren early Thursday.
Financial disclosure is a sensitive issue for the Federal Reserve, which Powell has chaired since 2018. Starting in 2022, the Federal Reserve will ban senior officials from owning individual stocks, bonds, cryptocurrencies and some other assets. This followed a controversy in which some officials faced increased scrutiny over some transactions.
Federal Reserve President Adriana Kugler resigned from her post last year after Powell refused to sign a waiver on a disclosure form that would show illicit holdings. Former Trump administration economist Stephen Millan filled that void.
Warsh will take Milan’s seat if confirmed by the Senate. A hearing on his nomination is scheduled for Tuesday.
