Kevin Warsh, President Donald Trump’s pick to lead the Federal Reserve, has filed a financial disclosure with the U.S. Office of Government Ethics showing assets valued at well above $100 million. The filing draws attention not only for its size, but also for holdings tied to AI startups and crypto, including exposure to Blast, an Ethereum layer-2 network.
Disclosure lists major fund stakes and advisory income
According to Reuters, Warsh’s filing runs 69 pages. U.S. ethics forms do not provide a precise net worth calculation, yet the listed assets indicate a fortune far in excess of $100 million. Among the largest items are two investments in Juggernaut Fund LP, each valued at more than $50 million. The document also shows $10.2 million in advisory fees from the investment office of Stanley Druckenmiller, along with roughly 20 holdings through THSDFS LLC, some of them worth as much as $5 million apiece.
The filing is a key step in Warsh’s path to Senate confirmation. Current Fed Chair Jerome Powell’s term is set to end in May, and ethics review is part of the nomination process.
Warsh says he will divest confidential holdings if confirmed
The Federal Reserve tightened its ethics rules in early 2022, placing stricter limits on investments held by top officials and their immediate family members. In the filing, Warsh states that for large investments whose underlying assets were not disclosed because of pre-existing confidentiality agreements, he will divest them if his nomination is confirmed.
Heather Jones, an analyst reviewing the filing for the Office of Government Ethics, noted that once those divestitures are completed, Warsh would comply with the Government Ethics Act. That commitment is central to whether the nomination can move ahead cleanly.
Blast appears alongside AI and startup bets
Beyond conventional financial assets, the disclosure lists dozens of startup investments without specified values. Many are tied to AI and crypto. Blast appears in the filing as a “yield-bearing Ethereum Layer 2 network”. Other named investments include Cafe X, a robotic coffee bar platform; Cionic, which develops bionic movement-enhancing wearable apparel; and Contraline, a startup working on reversible male contraception.
The filing does not attach dollar values to those startup positions. Even so, the list shows that Warsh’s portfolio extends past Wall Street and into newer technology sectors.
Family wealth and liabilities also come into view
Warsh’s household finances add another layer to the picture. His spouse, Jane Lauder, is a member of the Estee Lauder family, and Forbes has estimated her net worth at about $1.9 billion. The disclosure includes some of her assets as well, including municipal bonds with individual positions marked at more than $1 million.
Warsh’s liabilities appear relatively limited by comparison. They include a $5 million mortgage from JPMorgan dating to 2015 at an interest rate of 2.75%, a $5 million revolving credit line from PNC Bank at roughly 6%, and about $1.95 million in capital commitments. The Senate Banking Committee has not commented on the timing of the confirmation process.