Kevin Warsh heads into his Senate confirmation hearing Tuesday morning vying to be the richest-ever chair of the Federal Reserve amid mounting questions over his sizable financial portfolio.
Newly released disclosures reveal the extent of Warsh’s wealth but leave key portions of his holdings unclear, which could complicate his path toward confirmation since the position he is up for wields enormous influence over financial markets.
The disclosures are likely to draw scrutiny from lawmakers due to potential conflicts of interest and concerns over transparency, both central focuses of the confirmation process — particularly at a time when the central bank’s credibility is already under a microscope.
According to documents submitted to the Senate last week, Warsh reported assets valued at roughly $135 million to $226 million, positioning him to become the wealthiest chair in the Federal Reserve’s history if confirmed.
The nearly 70-page filings, released by the U.S. Office of Government Ethics as part of the standard vetting process for senior nominees, detail a portfolio spanning investments, board roles and other financial interests.
This is an excerpt from an article by Fox Business' Amanda Macias.
President Donald Trump says he will be "disappointed" with Federal Reserve chair nominee Kevin Warsh if he doesn't cut interest rates immediately upon confirmation.
Trump made the statement during a interview on CNBC's "Squawk Box" on Tuesday, saying hopes Warsh will act "right away."
“I would,” Trump said, when asked if he would be disappointed.
Sen. Thom Tillis, R-N.C., has vowed to oppose Kevin Warsh's nomination to lead the Federal Reserve until the Department of Justice drops its investigation into Fed Chair Jerome Powell.
Tillis called Warsh a "perfect candidate" to lead the Fed in an interview with NBC News, but nevertheless he vowed only to vote for his confirmation once the DOJ announces an end to its investigation.
"Not a day before, and not for the remaining … 264 days in my tenure in the U.S. Senate," he told NBC.
“Now some people can say, ‘OK, Thom, you made your point. Jay Powell’s term expires as chair in May, so why not go ahead and fill it?’ Because I don’t want to reward bad behavior," he added.
{{#rendered}}FIRST ON FOX: Senate Banking Committee Chairman Tim Scott, R-SC, said he expects Federal Reserve Chairman candidate Kevin Warsh to successfully move through the Senate confirmation process, despite opposition from Democrats in the higher chamber.
Warsh was nominated by President Donald Trump in January to chair the Federal Reserve Board of Governors to replace outgoing Chairman Jerome Powell.
"I think Kevin is a fantastic person and a very strong pick," Scott told Fox News Digital during a phone call. "I've known Kevin for a number of years now. He's one of my favorites in the world of economics. I think he's going to do a great job tomorrow. Frankly, every Democrat and every Republican on the committee should support him."
Warsh will sit before Scott’s committee on Tuesday for a hearing where Scott says Democrats will likely target Warsh’s financial disclosures, which has delayed the hearing.
"With the Democrats, I would imagine you'll see a lot of hand-wringing around disclosures as opposed to hand-wringing around economic knowledge and the wisdom or understanding of the nimble nature of our economy," Scott told Fox News Digital.
"On our side, I think you'll see a near unanimous support of a candidate. We obviously are all aware of at least one person who wants to wait until the DOJ investigation is done before we have a vote, but the truth is that even Tom Tillis supports Kevin Warsh," Scott added.
Judge Jeanine Pirro, who was appointed by Trump to lead the U.S. Attorney’s Office for the District of Columbia, authorized an investigation into sitting Fed Chairman Jerome Powell last November.
The investigation was based on a roughly $2.5 billion renovation project to restore the Fed headquarters, with some investigators accusing Powell of lying under oath before Scott’s committee in June 2025.
This is an excerpt from an article by Fox News' Preston Mizell.
Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve for the next four years, heads into a high-stakes confirmation hearing Tuesday with lawmakers on Capitol Hill set to scrutinize his views on inflation, independence and the Fed’s role.
The hearing comes as the Federal Reserve faces mounting political, legal and economic pressure, making it a key test of how the next chair could reshape the central bank’s independence at a critical moment for the U.S. economy.
And with current Fed Chair Jerome Powell's term coming to an end on May 15, 2026, Republicans are scurrying to get a nominee confirmed even though they face pushback within the party.
No institution has more influence over what people can afford than the Federal Reserve — an impact Americans feel every month. But that influence isn’t always obvious.
The Fed doesn’t set the price of groceries or cars, but it does determine how expensive it is to borrow money to pay for them. And right now, borrowing is costly. High interest rates mean larger monthly payments on mortgages, car loans and credit cards — even if sticker prices haven’t changed.
This makes the Fed’s leadership especially consequential.
Against that backdrop, Warsh’s potential ascent would come at a turbulent time for the institution.
The pressure is coming from multiple fronts: the Justice Department is conducting a criminal probe involving Powell, the Supreme Court is weighing limits on the Fed’s independence and rising costs are testing Trump’s affordability pledge — intensifying the stakes for the next chair.
Adding to the uncertainty, Sen. Thom Tillis, R-N.C., has signaled he may not support Warsh’s nomination in committee unless the Justice Department drops its investigation into Powell.
This is an excerpt from an article by Fox Business' Amanda Macias.
Kevin Warsh is set to testify on Tuesday about his nomination to be chairman of the Federal Reserve, with senators likely to press him on his views of the Fed's 2% inflation target given the persistent price pressures affecting the U.S. economy since the pandemic.
The 56-year-old Warsh, who served as a Fed governor from 2006 to 2011, will testify before the Senate Banking Committee as senators weigh his nomination to succeed current Fed Chair Jerome Powell, whose term leading the central bank is due to expire in May.
Warsh offered an overview of how he views the price stability component of the Fed's dual mandate in a written copy of his opening statement, which FOX Business viewed in advance of his testimony.
In his prepared remarks, Warsh says he supports the Federal Reserve's dual mandate of promoting price stability as well as full employment, though he didn't specifically discuss the Fed's policy target of keeping inflation at 2% over the long-run.
"First, Congress tasked the Fed with the mission to ensure price stability, without excuse or equivocation, argument or anguish. Inflation is a choice, and the Fed must take responsibility for it," Warsh wrote.
"Low inflation is the Fed's plot armor, its vital protection against slings and arrows," he said.
"So, when inflation surges – as it has done in recent years – grievous harm is done to our citizens, especially to the least well-off. They lose purchasing power. Their standard of living falls. They may also lose faith in our system of economic governance, raising doubts whether monetary policy independence is all it's cracked up to be," Warsh wrote.
This is an excerpt from an article by Fox Business' Eric Revell.
{{#rendered}}As President Donald Trump's nominee to lead the Federal Reserve, Kevin Warsh is stepping back into the spotlight – and in the hot seat – as he faces lawmakers Tuesday in a high-stakes confirmation hearing that could shape the future of U.S. monetary policy.
Trump announced Warsh to succeed Jerome Powell at the Fed in January, ending months of speculation over who he'd pick to head the world's most powerful central bank. Powell is set to complete his term as chairman in May.
"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on Truth Social. "On top of everything else, he is 'central casting,' and he will never let you down. Congratulations Kevin!"
Here’s what to know about Warsh and his path to the Fed’s top job:
Warsh, born in 1970, earned a bachelor's degree in public policy from Stanford University and later earned a law degree from Harvard University. Like Powell, Warsh does not have a formal economics degree (Powell earned a bachelor's degree in politics from Princeton University and a law degree from Georgetown).
Warsh spent time working in the private sector at Morgan Stanley before joining President George W. Bush’s administration in 2002, burnishing his credentials in Republican policy circles until Bush nominated him to the Fed's Board of Governors in 2006. At age 35, he became the youngest Fed governor in history.
Since leaving the Fed in 2011, Warsh has served as a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and a visiting scholar at Stanford's Graduate School of Business. He also serves on the board of UPS and is a trustee of the Group of Thirty and the Panel of Economic Advisers of the Congressional Budget Office.
In 2017, he was considered by Trump to replace Janet Yellen as Fed chair. The president instead chose Powell as her successor. Warsh was also in the running to serve as treasury secretary last fall before Trump nominated hedge fund manager Scott Bessent.
This is an excerpt from an article by Fox Business' Amanda Macias.
Kevin Warsh, President Donald Trump’s pick to lead the Federal Reserve, is set to deliver a pointed message to lawmakers Tuesday: the Fed must stay independent on interest rates, but not above accountability.
In prepared remarks obtained by FOX Business, Warsh vows to keep monetary policy "strictly independent," while making clear the central bank should not operate unchecked across its broader responsibilities.
"The Fed must stay in its lane. Fed independence is placed at greatest risk when it strays into fiscal and social policies where it has neither authority nor expertise."
The warning reflects Warsh’s broader push to rein in what he sees as an overextended central bank.
At the same time, he opens the door to closer coordination with elected leaders, pledging to work with the White House and Congress on non-monetary matters – an approach that could reshape how the Fed operates in Washington.
Warsh, nominated to replace Jerome Powell, also takes aim at what he sees as a complacent central bank. He warns that large institutions are prone to inertia – and that clinging to the "status quo" in a fast-moving economy is not just outdated, but dangerous.
Calling this a "consequential" moment for the U.S. economy, Warsh argues a "reform-oriented Federal Reserve" is urgently needed – and suggests the stakes for everyday Americans couldn’t be higher.
His potential ascent comes at a turbulent moment for the central bank.
This is an excerpt from an article by Fox Business' Amanda Macias.
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