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American financier (born 1970)

Kevin Warsh
Official portrait, c. 2006
Chair of the Federal Reserve
Nominee
Assuming officeTBD
President Donald Trump
Succeeding Jerome Powell
Member of the Federal Reserve Board of Governors
Nominee
Assuming officeTBD
President Donald Trump
Succeeding Stephen Miran
In officeFebruary 24, 2006 – March 31, 2011
President George W. BushBarack Obama
Preceded by Ben Bernanke
Succeeded by Jeremy C. Stein
Personal details
Born Kevin Maxwell Warsh (1970-04-13) April 13, 1970 (age 56)Albany, New York, U.S.
Party Republican
Spouse Jane Lauder ​(m. 2002)​
Relatives Lauder family
Education Stanford University (BA)Harvard University (JD)

Kevin Maxwell Warsh (born April 13, 1970) is an American financier and attorney who served as a member of the Federal Reserve Board of Governors from 2006 to 2011.

Warsh graduated from Stanford University with a bachelor's degree in public policy in 1992 and from Harvard Law School with a Juris Doctor in 1995. He joined Morgan Stanley as an associate specializing in mergers and acquisitions in 1996. Warsh later served as the firm's vice president and executive director of investment banking within its mergers and acquisitions division. In 2002, President George W. Bush named Warsh as a special assistant to the president for economic policy and the executive secretary of the National Economic Council. Warsh's work involved handling the aftermath of multiple significant accounting scandals, including representing the Bush administration in discussions over the Sarbanes–Oxley Act.

In January 2006, Bush nominated Warsh to serve on the Federal Reserve Board of Governors. He served as a lieutenant to the board's chairman, Ben Bernanke, particularly in responding to the 2008 financial crisis. As the Federal Reserve's central liaison to financial markets, Warsh was involved in the sale of Bear Stearns to JPMorgan Chase, the bankruptcy of Lehman Brothers, and the bailout of American International Group. After opposing a plan to purchase US$600 billion in Treasury securities, a move favored by Bernanke, Warsh resigned from the Board of Governors in March 2011. After his resignation, he became a lecturer at the Stanford Graduate School of Business and served on several boards of directors.

In January 2026, President Donald Trump named Warsh as his nominee to serve as the chair of the Federal Reserve.

Early life and education (1970–1995)

Kevin Maxwell Warsh[1] was born on April 13,[2] 1970,[3] in Albany, New York.[1] He was the youngest of three children of Robert and Judith Warsh.[4] Robert was a manufacturer of school uniforms[5] who was raised in Loudonville.[6] Warsh graduated from Shaker High School,[4] where he played on the school's varsity tennis team.[7] He appeared in local television commercials and in the film Ironweed (1987).[8]

Warsh's interest in tennis led him to attend Stanford University,[7] where he served as the chair of the Senate of Associated Students.[9] A member of the Hoover Institution, he helped its economists build computer models.[5] Warsh graduated from Stanford with a bachelor's degree in public policy in 1992.[10] He considered remaining at Stanford to pursue a doctorate in economics, but at his father's insistence,[5] he attended Harvard Law School, graduating cum laude[7] with a Juris Doctor in 1995.[10] Warsh completed coursework in market economics and debt capital markets at Harvard University and the Massachusetts Institute of Technology.[10] He was a summer associate at Cravath, Swaine & Moore and Brobeck, Phleger & Harrison.[11]

Career

Morgan Stanley (1996–2002)

In August 1996, Morgan Stanley hired Warsh as an associate.[12] He worked on mergers and acquisitions at the firm.[13] Warsh was later promoted to the vice president and the executive director of investment banking within Morgan Stanley's mergers and acquisitions division.[14] Warsh worked in Morgan Stanley's headquarters on the morning of the September 11 attacks and claimed to witness the collapse of the World Trade Center. The experience motivated him to leave Morgan Stanley and pursue a government career.[7]

National Economic Council (2002–2006)

In April 2002,[15] President George W. Bush named Warsh as a special assistant to the president for economic policy[16] and the executive secretary of the National Economic Council.[17] In the former position, he managed domestic finance, capital markets, and banking issues.[16] Warsh was particularly involved in handling the Bush administration's response to various accounting scandals that emerged in his term,[18] leading to the Sarbanes–Oxley Act.[13] His work additionally involved public relations.[19] Warsh served as the White House liaison to the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission, and the Securities and Exchange Commission.[12] That month, Warsh married Jane Lauder, an heiress to the Estée Lauder Companies,[15] whom he had met at Stanford University.[7] Warsh was a possible candidate to serve as the chair of the Securities and Exchange Commission to succeed William H. Donaldson[20] and as the under secretary of the treasury for domestic finance to succeed Brian C. Roseboro.[21] He helped Ben Bernanke prepare for his confirmation hearing to serve on the Federal Reserve Board of Governors.[22]

Federal Reserve Board of Governors (2006–2011)

Nomination and confirmation

In July 2005, Bloomberg News reported that the Bush administration was examining appointing Warsh to a vacancy on the Federal Reserve Board of Governors; he had previously been discussed as a possible candidate to serve as the chair of the Securities and Exchange Commission before President George W. Bush nominated Christopher Cox.[20] The administration sought to complement chairman Ben Bernanke's experience with Warsh's expertise on financial regulations.[18] On January 27, 2006, President George W. Bush named Warsh and the economist Randall Kroszner as his nominees to serve on the Board of Governors.[16] Warsh's term, which would have succeeded Bernanke's abrupt tenure,[23] was set to end in January 2018.[12] Warsh, who would be the youngest member of the Federal Reserve Board of Governors after his confirmation, received praise and criticism from some economists;[12] while proponents of his nomination noted that he had practical experience in financial markets,[12] opponents asserted that he was too young and did not have enough experience.[13]

Warsh appeared before the Senate Committee on Banking, Housing, and Urban Affairs on February 14, 2006.[23] Despite his lack of monetary policy experience, Alabama senator Richard Shelby, the committee's chairman, supported Warsh.[24] He told the committee that a slowing housing market—which had experienced a gradual rise—presented potential complications for the Federal Reserve. Warsh remained open to the possibility of inflation targeting, so long as it did not constrict the Federal Reserve's decision-making on other economic factors.[23] The Senate Committee on Banking, Housing, and Urban Affairs advanced Warsh and Kroszner's nomination in a 20–0 vote[7] on February 16.[25] The following day, the Senate voted to confirm them by voice vote.[26]

Tenure

Warsh was sworn in on February 24, 2006, by Vice President Dick Cheney at the Eisenhower Executive Office Building.[27] He became known as a key ally of Bernanke and a conduit for executives in financial markets,[22] specializing in Wall Street finance.[28] Warsh expressed concerns about persistent inflation in remarks before the New York Stock Exchange in November, defying figures indicating that price pressures were being eased.[29] After fears of a worldwide financial crisis mounted in February 2007, he remained optimistic about market liquidity.[30] Warsh testified before the House Committee on Financial Services in July, stating that the subprime mortgage crisis did not yet present systemic risk.[28] He was an initial critic of protecting systemically important financial institutions.[31] Warsh was involved in securing an emergency loan to secure Bear Stearns.[32]

Warsh was significantly involved in the Federal Reserve's response to the financial crisis. According to David Wessel's In FED We Trust (2010), Warsh was among the "Four Musketeers", a consortium of policymakers at the Federal Reserve who led the central bank through the crisis, including Bernanke; vice chairman Donald Kohn; and Timothy Geithner, the president of the Federal Reserve Bank of New York.[33] He was an opponent of allowing Freddie Mac and Fannie Mae to acquire additional assets and sought to regulate the entities, leaving open the possibility of acquiring them.[34] Alongside Geithner, Warsh managed Lehman Brothers's various assets.[35] Amid concerns involving Wachovia's acquisition of Golden West Financial,[36] he proposed a merger between Wachovia and Morgan Stanley,[37] and urged Robert K. Steel, the chief executive of Wachovia, to sell his firm to Goldman Sachs.[38] Warsh additionally suggested to Gary Cohn, the president of Morgan Stanley, that his firm merge with Citigroup.[39]

Warsh was additionally involved in the sale of Bear Stearns to JPMorgan Chase, the bankruptcy of Lehman Brothers, and the bailout of American International Group.[40] Warsh and Geithner negotiated the agreement that converted Morgan Stanley and Goldman Sachs into bank holding corporations.[41] Emails obtained by congressional investigators indicated that Warsh was sharply critical of Bank of America's decision to attempt to withdraw from acquiring Merrill Lynch & Co..[42] He pressured the company's board to find a successor to its chief executive, Ken Lewis.[43] By January 2009, Warsh was among several candidates being considered to succeed Geithner as the president of the Federal Reserve Bank of New York.[44] He was considered a leading candidate alongside William C. Dudley,[45] but withdrew himself from consideration that month.[46] By July, Warsh had widely been expected to leave the Federal Reserve Board of Governors.[47]

In September 2009, Warsh expressed the hawkish belief that the Federal Reserve should be prepared to raise interest rates, indicating that the central bank was deviating from the gradual interest rate increases championed by chairman Alan Greenspan.[48] He was critical of purchasing mortgage debt or government bonds[49] and skeptical of preemptive action to further expand the Federal Reserve's portfolio.[50] In an opinion article for The Wall Street Journal, Warsh wrote that he had doubts Bernanke's plan to purchase US$600 billion in Treasury securities would improve the U.S. economy, though he voted for it.[51] On February 10, 2011, Warsh announced that he would resign as a member of the Federal Reserve Board of Governors at the end of March.[40]

Post-governor work (2011–2025)

After leaving the Federal Reserve Board of Governors, Warsh became a partner at the Duquesne Family Office, the firm of Stanley Druckenmiller, and he served on the board of directors for United Parcel Service and Coupang.[52] He became the Shepard Family Distinguished Visiting Fellow at the Hoover Institution and a visiting scholar at the Stanford Graduate School of Business.[53] Prior to the expected conclusion of Janet Yellen's term as chair of the Federal Reserve in 2018, Warsh was considered to be a possible nominee to succeed her.[54]

Chair of the Federal Reserve nomination

In March 2024, The Wall Street Journal reported that economic advisors to Donald Trump had presented him with several possible options to succeed Jerome Powell as chair of the Federal Reserve, including Warsh.[55] After his victory in that year's presidential election, Trump began reexamining his possible nominees for secretary of the treasury amid concerns about the businessmen Howard Lutnick and Scott Bessent. According to The New York Times, Trump considered Warsh to serve as secretary of the treasury.[56] In November, the Journal reported that Trump had proposed nominating Warsh as secretary of the treasury and eventually as chair of the Federal Reserve after Powell's term was set to expire.[57] Trump later nominated Bessent to serve as secretary of the treasury.[58]

After Trump renewed his feud with Powell, Warsh was among several candidates seen as his possible successors.[58] In July 2025, Journal reported that the competition between Warsh and Kevin Hassett, the director of the National Economic Council, had intensified into "boardroom drama" Trump engaged in on The Apprentice (2004–2017).[59] The following month, Trump stated that the search for a successor to Powell had narrowed to three candidates, believed to be Warsh; Hassett; and Christopher Waller, a member of the Federal Reserve Board of Governors who was favored by Trump advisors.[60] Bessent later confirmed the names and added that the possible candidates also included Michelle Bowman, another member of the board, and the executive Rick Rieder.[61] Interviews for the position concluded in December.[62]

In January 2026, Trump stated that he preferred that Hassett remain at the National Economic Council. That month, The New York Times reported that Trump was set to name Warsh as his nominee for chair of the Federal Reserve.[63] On January 30, Trump announced that he would nominate Warsh as chair of the Federal Reserve.[64] Warsh's nomination occurred amid a federal investigation into Powell. North Carolina senator Thom Tillis, a member of the Senate Committee on Banking, Housing, and Urban Affairs, stated that he would block Warsh's nomination until the inquiry's conclusion.[65] Bessent sought to have the committee begin hearings on Warsh's nomination despite Tillis's blockade.[66] A federal judge dismissed several grand jury subpoenas in the investigation into Powell in March; Jeanine Pirro, the United States attorney for the District of Columbia, continued to pursue the case, threatening Warsh's nomination.[67]

As Warsh's committee hearing neared in April 2026, several Republicans in the Senate publicly expressed discontent with the investigation, including Senate majority leader John Thune, amid Tillis's objection.[68] He appeared before the Senate Committee on Banking, Housing, and Urban Affairs on April 21.[69] Warsh asserted that he would be a "strictly independent" chairman, rejecting possible calls by Trump to cut interest rates.[70] He advocated for various reforms to the Federal Reserve, including decreasing its portfolio.[71] After the hearing, the Department of Justice announced that it was ending the inquiry into Powell, enabling his path to confirmation.[72] After Tillis ended his objections to Warsh's nomination, the Senate Committee on Banking, Housing, and Urban Affairs voted to advance Warsh to the Senate in a 13–11 vote along party lines on April 29.[73]

Wealth

In January 2006, Warsh's filing to the Office of Government Ethics indicated that he and his wife, the heiress Jane Lauder, had US$65.3 million in assets, with Warsh and his joint accounts holding between US$916,000 and US$2.07 million in assets. The Financial Markets Center estimated that he was "the wealthiest individual to serve on the board in many years".[74] The 2008 financial crisis lowered Warsh's wealth to a range between US$670,000 and US$1.4 million by July 2009.[75] His wealth increased to between US$802,000 and US$1.8 million the following year.[76]

In April 2026, Warsh disclosed over US$100 million in assets, including two holdings in the Juggernaut Fund,[77] a hedge fund associated with the Duquesne Family Office.[78]

Views

Warsh is a Republican.[79] He donated US$1,000 to George W. Bush's campaign in the 2000 presidential election and an additional US$1,000 to his reelection campaign in the 2004 election.[13]

Monetary policy

As a member of the Federal Reserve Board of Governors, during the second presidential term of George W. Bush and the first presidential term of Barack Obama, Warsh was considered hawkish on interest rates, though "he has recently contended" that the Federal Reserve has been "slow to cut" interest rates.[80] According to The New York Times, Warsh's views on inflation and interest rates are uncertain.[81] He attributed the inflation surge, which developed during the COVID-19 pandemic, to regulations imposed under President Joe Biden and government spending with high employment.[82]

Amid the 2008 financial crisis, Warsh argued that the Taylor rule had largely been proved accurate, though he conceded that it failed to predict the crisis.[83] In September 2012, Warsh claimed that the release of the iPhone 5 would have a greater impact on the economy than the Federal Reserve's efforts at quantitative easing.[84] In May 2018, Warsh argued that the Federal Reserve should consider using blockchain technology to establish its own cryptocurrency.[85]

Financial regulations

In May 2006, Warsh stated that the Federal Reserve should intensify efforts to regulate hedge funds.[86] In February 2010, he called for countries to coordinate on regulatory reform.[87]

Economic issues

In an essay written alongside former Florida governor Jeb Bush in 2011, Warsh criticized protectionism.[88]

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Works cited

Further reading