Federal Reserve Chair Nominee's Financial Disclosure Reveals Wealth, Ethics Issue

Kevin Warsh, nominated to be Chair of the Federal Reserve, submitted his financial disclosure forms to the Senate on Tuesday, March 28, 2026. The forms list his assets as being worth between approximately $135 million and $226 million. Disclosure requirements mandate reporting values in broad ranges, making a precise calculation of his wealth impossible.

Two individual assets are each listed as being worth over $50 million.

According to Forbes, Warsh's wife, Jane Lauder, holds a separate estimated fortune of $1.9 billion.

Undisclosed Holdings and Ethics Status

A significant portion of Warsh's disclosed assets is held in a financial vehicle called the Juggernaut Fund, which he described as connected to Duquesne Family Office. Warsh has worked at Duquesne Family Office since leaving the Federal Reserve over 15 years ago.

In his filings, Warsh stated he is bound by "pre-existing confidentiality agreements" and therefore did not disclose the underlying holdings of the Juggernaut Fund and several smaller funds.

A note from a government ethics official appended to the filings states that Warsh is currently out of compliance with ethics rules due to this lack of disclosure for those specific holdings.

Warsh has pledged to divest the assets in question within 90 days of being confirmed. The ethics official noted that once he does so, Warsh will be back in compliance with the rules.

The Congressional Research Service confirmed that Warsh is the first Federal Reserve nominee not to be in compliance with ethics rules, according to a spokesman for the Senate Banking Committee.

Statements and Reactions

Senator Elizabeth Warren (D-Mass.) stated to reporters on Thursday that not disclosing details on over $100 million in assets makes it "just not possible to understand about his entanglements." She also said Warsh "is the first Fed nominee not to be in compliance with ethics rules, and the first Trump nominee in this term, not to be in compliance with ethics rules."

"The optics of so many items related to investment funds not being disclosed, by someone nominated to the Fed, gives reason for pause and raise questions about how thorough a vetting process can be without that disclosure, and how that divestiture can be fully confirmed."

The statement above was made by Cynthia Brown, senior ethics counsel at the watchdog group Citizens for Responsibility and Ethics in Washington.

The Office of Government Ethics declined to comment, stating it does not discuss individuals' filings. Kevin Warsh declined to comment. Warsh met with Senator Warren earlier on Thursday.

Background and Context

Financial disclosures have been a sensitive issue for the Federal Reserve in recent years. In 2022, the central bank banned its senior officials from owning individual stocks, bonds, cryptocurrencies, and some other assets.

This policy change followed controversy and scrutiny over trades made by some Fed officials. Last year, Fed Governor Adriana Kugler left her position after Chair Jerome Powell declined to sign off on a waiver for a disclosure form that showed she held some impermissible assets.

Former Trump administration economist Stephen Miran filled the vacancy left by Kugler. Kevin Warsh is nominated to take Miran's seat on the Federal Reserve Board if confirmed by the Senate. A Senate hearing on his nomination is scheduled for Tuesday.