Kevin Warsh sent a detailed financial report containing 69 pages to the United States Government Ethics Office (OGE) to advance his nomination to the Federal Reserve (Fed). The document reveals that his net worth exceeds 100 million dollars, including significant investments and important financial commitments.
Two holdings in Juggernaut Fund LP funds stand out in the document, each valued at over 50 million dollars. Additionally, Warsh received about 10.2 million dollars for consulting services to an office linked to investor Stanley Druckenmiller. He committed to selling these assets with confidentiality clauses to avoid conflicts of interest.
The report also specifies ownership of approximately twenty holdings in THSDFS LLC, each valued up to 5 million dollars. Warsh promised that he will divest these investments, demonstrating effort to meet the ethical requirements of the Fed confirmation process.
Other assets are invested in artificial intelligence and cryptocurrency sectors, but without explicit values in the document. On the other hand, Warsh maintains significant debts, including a 5 million dollar mortgage contracted in 2015 with JP Morgan Chase, as well as a revolving credit line up to 5 million dollars at PNC Bank, subject to an interest rate of 6% per year.
Warsh has capital commitments close to 2 million dollars in THSDFS LLC, which will also be divested as informed. Part of the assets linked to his wife, Jane Lauder, appears in the document, with municipal bonds valued at over 1 million dollars. According to Forbes magazine, Jane Lauder has an estimated personal net worth of 1.9 billion dollars.
The documentation was submitted during the early morning and represents a fundamental step for Warsh to replace Jerome Powell as Federal Reserve chairman. However, the Senate Banking Committee has not yet set dates for the hearings, which require a minimum notice of five business days for scheduling.
For now, the expectation is for the possibility of holding the hearings already in the week following the report delivery. Analyst Heather Jones, from the Government Ethics Office, reviewed and approved the document, confirming compliance with current regulations for candidates to federal regulatory positions.
