Kevin Warsh, President Donald Trump’s pick to be the next head of the Federal Reserve, disclosed his financial holdings in a filing made public Tuesday, showing he has at least $130 million in assets, including stakes in SpaceX and Polymarket.
The 56-year-old Warsh has his confirmation hearing scheduled for April 21, but at least one Senate Republican has pledged not to confirm him unless the U.S. Department of Justice drops its probe of current Fed chair Jerome Powell. President Trump launched a criminal probe of Powell on transparently absurd charges that he’s “crooked.”
Trump chose Warsh because he wants to see interest rates lowered dramatically, something Powell hasn’t done quickly enough; at least to the president’s liking. The president has tried to find a way to attack Powell but none of his accusations have really stuck in the public imagination, let alone a court of law.
Warsh’s holdings are diverse and expansive, including several companies described as AI platforms. Taking a random snapshot from the alphabetized list gives a hint at what we’re talking about:
- Polyfact (AI developer productivity platform)
- Proton (PRM Solutions, Inc.) (AI sales platform)
- Puller AI (Retail data analytics platform)
- Quadrant Health (AI patient messaging platform)
Other holdings include lending operating system HighFi, virtual reality platform Sandbox VR, banking infrastructure platform Moov, among a host of others. His crypto-related investments include stakes in the firms Polychain, Eulith, and OnJuno. Warsh says he will divest from his holdings if he’s confirmed.
As the Wall Street Journal notes, the financial disclosure forms only show ranges, which means that Warsh’s total assets could be valued at anywhere from $131 million to over $209 million. If confirmed, Warsh would be the wealthiest person to ever serve as Fed chair. Powell’s assets from a 2017 financial disclosure show he held somewhere in the neighborhood of $20-55 million.
Some of Warsh’s holdings couldn’t be disclosed due to confidentiality agreements, according to the Journal. It’s unclear how much more wealthy Warsh may actually be if there were a firmer accounting of his assets.
Sen. Thom Tillis, a Republican from North Carolina, has the power to hold up the nomination of Warsh, as a member of the Senate Banking Committee. Tillis has said he won’t allow Warsh’s nomination to come up for a vote in the full Senate until the DOJ drops its investigation of Powell. And Powell has said he won’t actually leave the board until any potential criminal investigations are complete. His term as chair ends next month, but he can still remain a member of the board.
If Warsh is confirmed it will certainly be interesting to see if he is successful at lowering interest rates to President Trump’s liking. With a softening economy and inflation ticking higher, most experts assume that lowering interest rates to zero would cause extreme inflation.
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