Fed Pick Warsh Reports a Fortune Far Exceeding His Predecessors

Kevin Warsh isn't just in line to run the Federal Reserve—he may soon be the richest person ever to hold the job. Newly released financial disclosures show President Trump's nominee has between $131 million and $209 million in personal assets, plus hundreds of millions more tied to his wife, cosmetics heiress Jane Lauder. That would put him well ahead of current chair Jerome Powell, whose latest filing shows between $19 million and $75 million, reports CNBC.

Warsh reported $10 million in income from advising billionaire investor Stanley Druckenmiller, along with about $3 million from work at Stanford's Hoover Institution and various Wall Street roles. His paperwork lists roughly 1,800 individual assets, with many details shielded by "pre-existing confidentiality obligations." Warsh says he'll sell the assets and step down from corporate boards, including UPS and Coupang, if confirmed. Lauder's wealth, estimated by Forbes at $1.9 billion, appears in the filing largely as holdings "over $1,000,000." The disclosures move Warsh closer to a Senate hearing, which the New York Times notes is now expected next week, though his path to a floor vote is uncertain: Sen. Thom Tillis, a Republican on the Banking Committee, has vowed to block final approval until a criminal investigation involving Powell is resolved.