Kevin Warsh: Vast Wealth, Limited Disclosure
Ahead of Nomination Hearing, U.S. Senate Banking Committee Minority Staff Release Analysis of Fed Chair Nominee’s Financial Paperwork
In January, President Trump nominated Kevin Warsh to serve as the Chair of the Board of Governors of the Federal Reserve System (“Fed” or “Federal Reserve”). Mr. Warsh’s nomination comes as the Trump Administration pursues pretextual criminal investigations of the current Fed Chair and a Fed Governor. These investigations are mere pretexts for President Trump to take control of the Federal Reserve, and all Banking Committee Democrats agree: the Committee should not consider Mr. Warsh’s nomination until the investigations have been closed.
Despite the fact that both investigations remain open, Mr. Warsh’s nomination hearing has been scheduled for tomorrow, April 21, 2026. Ahead of Mr. Warsh’s hearing, the Banking Committee Minority Staff conducted a review of Mr. Warsh’s publicly available financial disclosures and ethics agreements. That review revealed the following.
Kevin Warsh has not disclosed key sources of his wealth and income and has not provided key details about his planned divestitures. According to paperwork he filed with the Office of Government Ethics (OGE), Mr. Warsh has not disclosed the underlying assets of over $100 million worth of holdings. Furthermore, Mr. Warsh has not provided key details regarding his plans to divest his assets once he is confirmed, including information on who will redeem his holdings.
Mr. Warsh made his fortune at the expense of workers and families. Mr. Warsh served as a Federal Reserve Governor from 2006 to 2011. During the financial crisis, Mr. Warsh played a central role in helping to arrange numerous multibillion-dollar, taxpayer-funded bail-outs for big banks. While Mr. Warsh played middle-man for policymakers and Wall Street during the financial crisis, ultimately, 10 million Americans lost their homes and nearly $20 trillion in household wealth vanished; meanwhile, Mr. Warsh’s reported net worth today is $200 million. And on top of his record during the financial crisis, a review of Mr. Warsh’s financial disclosures reveals that he has made his millions through investments in companies and firms that have harmed the public.
Mr. Warsh’s wealth appears intricately tied to a billionaire investor whose investing strategy is driven, in part, by his predictions regarding Fed monetary policy. Mr. Warsh’s disclosures reveal his extensive investments in opaque investment funds run by billionaire investor Stanley Druckenmiller, whose investing strategy has often been tied to his predictions regarding the future monetary policy actions of the Fed and other central banks – including a current reported bet against the U.S. dollar.
Mr. Warsh’s name appears in the Epstein files, and his financial disclosures raise additional unanswered questions regarding potential links to Mr. Epstein. On January 30, 2026, the DOJ released a slew of documents, images, communications, and other records and materials related to the investigation and prosecution of the convicted pedophile Jeffrey Epstein. As multiple sources have reported, Mr. Warsh’s name appears to be included in these files. Furthermore, Mr. Warsh’s financial disclosures also reveal additional potential links to Epstein, including through his association with Vicarage Stable LLC and Golden Tree Asset Management LP.
Without transparent information on his holdings and divestures, there is no way for the public to have confidence that Mr. Warsh is making decisions based on what is in the best interest of our economy, instead of his own bottom line or the interests of Wall Street.
Read the full analysis here.
Read coverage in the Wall Street Journal here.