Kevin Warsh’s wealth eclipses that of all recent Federal Reserve chairs, newly released financial disclosure forms show.
Warsh is President Donald Trump’s nominee to succeed Federal Reserve Chair Jerome Powell. His financial filings show that Warsh and his wife Jane Lauder have holdings of approximately $192 million, and potentially far more. Holdings in Warsh’s name, separate from his spouse, total approximately $135 million to $226 million.
Nominees disclose their holdings to the Senate in broad ranges. Warsh’s filings list holdings in two funds that are valued at over $50 million, without specifying an upper limit. Lauder holds several funds listed at over $1 million, with no upper limit.
Warsh married Lauder in 2002. She sits on the board of Estee Lauder, the cosmetics firm founded by her grandmother. Forbes estimates her wealth at $1.9 billion.
The filings show Warsh is significantly richer than Powell, who, at the time of his 2018 confirmation, was thought to be the wealthiest Fed chair in history. Powell’s most recent filing, for 2025, shows wealth between $19 million and $75 million.
Warsh also disclosed $10 million in income from his work as an advisor to investor Stanley Druckenmiller, which Warsh has jokingly called his “day job.” He earned some $3 million over the past year in additional income from work for a handful of Wall Street firms and at Stanford University, where he is a fellow at the conservative Hoover Institution.
Warsh’s filings detail roughly 1,800 individual assets. Many individual items are identified as being subject to “pre-existing confidentiality obligations” that prevent him from specifying the underlying assets.
Warsh in the filings pledges to divest these assets if confirmed.
The Senate Banking Committee will hold a confirmation hearing for Warsh next week, the committee’s chair, Sen. Tim Scott, R.-S.C., said Tuesday on Fox Business. The date is expected to be April 21, Sen. Elizabeth Warren, D-Mass., told reporters at the Capitol on Tuesday.
Warsh’s path to a full Senate vote is still unclear, however. Sen. Thom Tillis, R.-N.C., has said he will block final approval of Warsh’s candidacy until a federal criminal probe into Powell is resolved. Tillis is also a member of the Senate Banking Committee.
Tillis on Tuesday told reporters he still doesn’t plan to vote for Warsh, since the investigation hasn’t been concluded.
Stock holdings include SpaceX, Polymarket
Warsh’s filings detail dozens of holdings in individual companies of undisclosed value. Among them are holdings in Polymarket, SpaceX, and several companies involved in cryptocurrencies. Warsh has said he worked on a venture-capital fund for Druckenmiller.
Warsh’s filings also indicate he will resign from board seats at shipper UPS and Coupang, a U.S.-based retail company that is the biggest online retailer in South Korea. He will also resign his positions at Stanford and other organizations.
Not all past Fed chairs have been vastly wealthy. Earlier in his career, Warsh served a term as a Fed governor under then-Chair Ben Bernanke. When Bernanke stepped down from the Fed in 2014, his filings listed assets of, at most, $2.3 million — mostly in retirement funds.
Warsh declined to comment.
—Emily Wilkins contributed reporting.
