A delay has been announced for the nomination hearing of Kevin Warsh, the candidate for chair of the Federal Reserve, according to sources familiar with the matter. Warsh was originally slated to appear before the Senate Banking Committee on April 16, but that appointment has now been postponed. While the specific timing of the rescheduled hearing remains uncertain, it is anticipated to occur in the near future.
As per committee rules, a week’s notice is necessary prior to any hearing, along with the requisite paperwork from the nominee, including financial disclosures. Reports indicate that the committee has not yet received these disclosures from Warsh, which has contributed to the delay. The deadline for formally announcing the hearing was Thursday, and the committee has yet to indicate a new date.
Warsh’s financial situation could complicate matters further. He is married to Jane Lauder, whose family is known for their significant wealth from Estée Lauder cosmetics, with her net worth reportedly around $1.9 billion. Financial disclosures from 2006, when Warsh was nominated for a previous position at the Federal Reserve, noted nearly 1,200 assets, most of which were attributed to his wife. Since his departure from the Federal Reserve in 2011, Warsh has spent the past 15 years working with investor Stanley Druckenmiller’s family office, leading venture investment efforts in various technology firms, including the data analytics company Palantir.
In January, President Donald Trump announced Warsh’s nomination, aiming for him to succeed Jerome Powell, whose term is set to conclude on May 15. National Economic Council Director Kevin Hassett expressed confidence that Warsh would be confirmed before Powell’s term ends, suggesting a favorable outlook from the Trump administration regarding Warsh’s candidacy.
Nonetheless, challenges loom on the horizon. Senator Thom Tillis, a Republican from North Carolina, has placed a hold on any Federal Reserve nominee until the Department of Justice concludes its criminal probe into Powell. Tillis and Powell have both criticized the investigation, labeling it a politically motivated attempt to compromise the Federal Reserve’s autonomy. U.S. Attorney for the District of Columbia Jeanine Pirro has indicated her intention to continue the investigation, leaving uncertainty surrounding Warsh’s path forward beyond the hearing.
