Kevin Warsh Discloses at Least $200 Million in Assets Ahead of Confirmation Hearing

Fed Chair Nominee's Confirmation Hearing Scheduled for Next Week

U.S. Federal Reserve (Fed). Reuters Yonhap News

Kevin Warsh, the former Federal Reserve (Fed) governor who has been nominated as the next chair of the U.S. Federal Reserve, reported holding at least $200 million (approximately 294 billion won) in assets ahead of his confirmation hearing before Congress. His spouse, Jane Lauder, is the daughter of a global corporate heiress, and the couple’s total wealth is estimated to be significantly higher.

According to Bloomberg on April 14 (local time), Warsh stated in a financial disclosure submitted to the U.S. Office of Government Ethics that he and his spouse, Jane Lauder, jointly hold at least $192 million (about 280 billion won) in assets.

This financial disclosure was made ahead of the U.S. congressional confirmation hearing scheduled for next week. For the Senate to confirm the Fed chair, the nominee must submit documentation regarding their assets and potential conflicts of interest.

The key details of the disclosure show that Warsh holds more than $50 million in each of two “Juggernaut Funds.” The Juggernaut Funds are managed by Duquesne Family Office, the personal investment firm of billionaire investor Stanley Druckenmiller. Warsh joined Duquesne as a partner in 2011, right after stepping down from the Fed Board of Governors.

Under U.S. federal financial disclosure rules, nominees can report the value of their holdings in ranges. Bloomberg noted that the highest category is “over $50 million,” so the actual asset values could be much higher.

Warsh also disclosed in two separate filings related to shares of Coupang Inc. (hereafter Coupang), the parent company of Coupang, that the value of these shares fell within the “$1 million to $5 million” range, respectively. Warsh has served as a Coupang board member since October 2019 and continues in that role.

In the ethics agreement submitted on this day, Warsh pledged that, if confirmed by Congress, he would divest certain holdings and resign from corporate directorships.

Meanwhile, his spouse Jane Lauder, who is the daughter of Ronald Lauder, an heir to the global cosmetics company Estée Lauder, reported her assets as "over $1 million" in this filing. Under the rules, spouses are not required to disclose the specific value of assets exceeding $1 million.

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