Kevin Warsh, fellow in economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business, speaks during the Sohn Investment Conference on May 8, 2017 in New York City, US.
Brendan McDiarmid | reuters
Federal Reserve chair candidate Kevin Warsh has submitted the necessary paperwork to the Senate, two people familiar with the matter said Monday, requesting anonymity to discuss sensitive information before public release.
The filing of his financial disclosures brings Warsh one step closer to a Senate hearing. Earlier plans to hold the hearing this week had to be delayed due to paperwork delays. Warsh is married to Estée Lauder heiress Jane Lauder, whose net worth is estimated by Forbes at $1.9 billion.
The Senate will also need to get Warsh’s answers to questions from the Senate Banking Committee, one of the people said. Once that questionnaire is received, the Senate can proceed with formally giving notice of hearing. This will happen next week at the earliest.
However, Warsh’s path to a full Senate vote is still unclear. Senator Thom Tillis, R.-N.C., has said he will withhold final approval of Wersch’s candidacy until the federal criminal investigation into Fed Chairman Jerome Powell is resolved. Tillis is also a member of the Senate Banking Committee.
Jeanine Pirro, the U.S. Attorney for the District of Washington, DC, is promising to pursue the case despite recent setbacks.
Powell’s term as chairman ends on May 15. The Trump administration said last week that it expected to appoint Wersch by then.