Trump's Fed Pick Discloses Vast Wealth Ahead of Confirmation Hearing

Kevin Warsh faces complicated path to becoming next Federal Reserve chair

Apr. 14, 2026 at 2:09pm

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A cinematic painting of an empty, sunlit boardroom with a large wooden table and leather chairs, conveying a sense of political power and influence.As tensions over the Federal Reserve's independence escalate, the confirmation process for a new chair exposes the fragile balance of political and economic forces.Washington Today

Kevin M. Warsh, President Trump's pick to lead the Federal Reserve, has submitted detailed financial disclosures showing he would divest a substantial portion of his more than $100 million in assets as he faces a confirmation hearing before the Senate Banking Committee. Warsh's path to confirmation is expected to be complicated due to concerns about the Fed's independence and ongoing investigations into the central bank's leadership.

Why it matters

The Federal Reserve chair wields immense power over the U.S. economy, and Trump's attempts to influence the Fed's decision-making have raised concerns about the central bank's ability to operate independently as mandated by Congress. Warsh's confirmation process will be closely watched as a test of the Fed's autonomy.

The details

Warsh, who previously served as a Fed governor from 2006 to 2011, will be grilled by members of the Senate Banking Committee, which oversees the central bank. His financial disclosures are just one procedural hurdle, as the confirmation process has been complicated by mounting concerns about the Fed's independence. President Trump has waged an aggressive pressure campaign against the Fed, including an attempt to fire a current governor and a criminal investigation into the handling of renovations at the Fed's headquarters.

  • The Senate hearing on Warsh's nomination is expected to take place on Tuesday.
  • Warsh will not be able to take over as Fed chair until an ongoing criminal investigation is officially over, due to a pledge by a key senator to block any Fed nominee while the probe continues.

The players

Kevin M. Warsh

President Trump's pick to lead the Federal Reserve, who previously served as a Fed governor from 2006 to 2011 and has disclosed he would divest a substantial portion of his more than $100 million in assets.

Lisa D. Cook

A current Federal Reserve governor who is awaiting a Supreme Court ruling over her potential ouster by President Trump.

Jerome H. Powell

The current Federal Reserve chair, whose handling of renovations at the central bank's headquarters has been the subject of a criminal investigation by the Department of Justice.

Thom Tillis

A Republican senator from North Carolina and a pivotal member of the Senate Banking Committee, who has pledged to block any Fed nominee as long as the criminal investigation into Powell is ongoing.

Jeanine Pirro

The U.S. attorney in Washington who has said she will appeal a judge's decision to quash grand jury subpoenas and deny a motion to reconsider in the criminal investigation into Powell.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

What’s next

A judge will decide on Tuesday whether to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.