Kevin Warsh, President Donald Trump’s pick to be the new Federal Reserve chair, has reported assets that could make him the wealthiest person in the job, if confirmed.
In a 69-page disclosure, Warsh, who previously served as the Fed’s governor, declared assets worth over $100 million. It was not possible to pin down an exact net worth from the document.
Fed rules place strict limits on investments and assets held by officials, stricter than in many other areas of the federal government. CNN reported that Warsh agreed to divest from many of his financial holdings within 90 days of confirmation.
Trump nominated Warsh to succeed Jerome Powell, whom he appointed in 2017. Trump and Powell have had multiple public disagreements in recent months, with the current Fed chair refusing to bow to the president’s wishes on interest rates.
The Senate Banking Committee is set to hold a hearing next week with Walsh, ahead of his potential confirmation.
This is a breaking news story. Updates to follow.