Financial disclosure by Trump’s pick for next Fed chair reveals sizeable fortune

Mandatory financial disclosures by US President Donald Trump’s pick to chair the Fed reveal a personal fortune of well over $100 million, as he heads into his Senate confirmation hearings next week.

In a 69-page filing to the US Office of Government Ethics, Kevin Warsh, a former Fed governor, outlined a significant portfolio focused on artificial intelligence (AI) and cryptocurrency.

The document does not provide his exact net worth but it shows at least two separate stakes in Juggernaut Fund LP valued at over $50 million each, as well as dozens of other investments worth up to $5 million per piece.

Warsh disclosed other sources of income, including a whopping $10.2 million consulting fee from the investment firm of Wall Street billionaire Stanley Druckenmiller.

He also serves on the board of shipping giant United Parcel Service (UPS), South Korean e-commerce giant Coupang, and Bessemer Securities Corporation.

His wealth is further bolstered by his wife Jane Lauder, heir to the Estee Lauder cosmetics firm, with assets estimated in the hundreds of millions of dollars.

Warsh reported relatively limited debts against this vast sum of wealth, primarily consisting of a $5 million mortgage from JPMorgan Chase taken out in 2015.

This disclosure of personal finances of Trump’s nominee to lead the Fed aligns him with the ultra-wealthy profile of other Trump economic appointees like Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.

The Fed maintains strict ethic rules over what assets its officials and their families are allowed to hold, so Warsh has committed to divesting the underlying assets of his investments if his confirmation is approved by the Senate.

The ethics filing is one of the final hurdles in the way of his taking the Fed’s helm, as lawmakers prepare to vet Warsh to succeed current Fed Chair Jerome Powell, whose term is set to expire on May 15.

Powell, however, may continue to serve in an interim capacity in the event that the Senate does not confirm Warsh by that deadline.

Trump has lambasted Powell and made no secret of his desire to see him leave the post sooner rather than later.

*Writing by Emir Yildirim in Istanbul