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Kevin Warsh: 5 key things to know about Trump's Fed chair pick
President Donald Trump announced his pick for Fed chair on Friday
President Donald Trump named Kevin Warsh as the new Fed Chair pick, to replace Jerome Powell.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down,” Trump said in a Truth Social post.
“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance,” he added.
Kevin Warsh: 5 things to know
- Kevin Warsh is married to Jane Lauder, the billionaire heir of the Lauder cosmetics company. The two tied the knot in 2002. Warsh's wife is the granddaughter of Estée Lauder.
- While Warsh's exact net worth is not a matter of public record, he was a Federal Reserve Governor from 2006-2011, and they make over $200,000 a year, which adds up to $1,200,000. Prior to that he was a Morgan Stanley executive, rising up to the rank of Vice President, and as per job portal records, they make around $300,000 per year. This would easily take Warsh's total net worth to over a million dollars. Warsh's wife's net worth, meanwhile, is north of $2 billion.
- Warsh has had a relatively favorable view of Bitcoin, having earlier said it is a “sustainable store of value, similar to gold.”
- Warsh served on the board earlier in the George Bush administration.
- He was born in Albany, New York, and studied at Stanford University before heading off to Harvard Law School. Warsh also has degrees from Harvard Business School and the Massachusetts Institute of Technology's Sloan School of Management.
