Senator Elizabeth Warren speaks at a No King’s Day event in the Boston Common on March 28, 2026.
Finn Gomez | Boston Globe | getty images
Kevin Wersh’s newly released financial disclosures shed light on the Federal Reserve chair candidate’s vast wealth, but also raise questions about parts of his holdings that are not fully disclosed in the paperwork. That could be a challenge for Warsh as he seeks to overcome the legacy of ethics scandals under current Chairman Jerome Powell.
Warsh told the Senate on Tuesday that he has assets worth about $ 135 million to $ 226 million. This is in addition to Forbes estimating that his wife, Jane Lauder, granddaughter of cosmetics founder Estée Lauder, has a net worth of $1.9 billion.
But Warsh’s disclosure does not reveal everything about his wealth. For one, the forms only call for reporting values in a wide range, making an accurate calculation of his wealth impossible. Two separate properties have been listed, each priced at more than $50 million. Their value may be slightly above that range or even higher.
Sen. Elizabeth Warren, D.-Mass., on Thursday drew attention to that pair of holdings, both of which are a financial vehicle called the Juggernaut Fund. In his filing, Warsh described him as being connected to Duquesne Family Office, a financial firm run by investor Stanley Druckenmiller. Warsh has worked there since leaving the Fed more than 15 years ago.
But from the information Warsh has provided about one piece of property, it appears to constitute the bulk of his personal wealth. In the filing, Warsh declined to say exactly what is in Juggernaut Holdings, as well as some other smaller funds, because he is bound by “pre-existing confidentiality agreements.”
“Not disclosing his assets of more than $100 million means it’s not possible to understand his underlying complications,” Warren told reporters at the Capitol on Thursday.
“Warsh is the first Fed nominee not to comply with ethics rules, and Trump’s first nominee this term not to comply with ethics rules,” Warren said.
It was not possible to determine whether Warsh was actually the first such nominee, but a note from a government ethics officer on his filing said that Warsh is currently out of compliance with ethics rules for holdings where he has not disclosed the fund’s underlying holdings.
Warsh has promised to sell those properties within 90 days of confirmation. And once he does that, the ethics official notes, Warsh will be back in compliance with ethics rules.
The government ethics office declined to comment, saying it does not discuss filings by individuals.
Warsh declined to comment. He met with Warren early Thursday.
Financial disclosures have become a sensitive issue for the Fed, which Powell has chaired since 2018. It banned senior executives from owning individual stocks, bonds, cryptocurrencies and certain other assets in 2022. This led to a controversy in which some officials came under investigation for some of their businesses.
Fed Governor Adriana Kugler left her post last year after Powell refused to sign a waiver on a disclosure form that showed he had some improper stakes. That opening was filled by Stephen Miron, a former Trump administration economist.
Warsh will take Meeran’s seat if confirmed by the Senate. His nomination is to be heard on Tuesday.