Who is Kevin Warsh? Everything we know about the new US Federal Reserve chair replacing Powell
Kevin Warsh has been sworn in as the new chair of the Federal Reserve, succeeding Jerome Powell. Warsh, significantly wealthier than his predecessor, has assets exceeding $192 million. Here's everything you need to know about the new Fed chair.
Kevin Warsh was sworn in as chair of the Federal Reserve on Friday, taking charge of the US central bank at a time when it faces economic uncertainty and mounting pressure from the president over the direction of interest rates.
US President Donald Trump said during the cermony that he wants Warsh to work independently. The leader, whose comments and actions toward the Fed have triggered bipartisan concerns over executive influence on the historically independent central bank, said he wanted Warsh to “just do your own thing and do a great job," CNBC reported.
“I want Kevin to be totally independent,” Trump said at the start of the event Friday morning. “Don’t look at me, don’t look at anybody.”
Warsh, 56, will be serving as the 11th Fed chair of the US Central Bank, succeeding Jerome Powell, who served for eight years. However, this won't be his first time working at the Fed. He was previously sworn in as a member of the Board of Governors of the Federal Reserve System on February 24, 2006, and he left the Board in March 2011.
Quick answers to key questions
Kevin Warsh has been confirmed by the US Senate as the new Federal Reserve Chair, replacing Jerome Powell. This marks his second tenure at the central bank, having previously served as a member of the Board of Governors from 2006 to 2011.
Warsh holds degrees from Stanford University and Harvard Law School, with additional coursework from Harvard Business School and MIT. He has experience at Morgan Stanley and served in the George W. Bush administration before his initial term on the Federal Reserve Board.
Warsh takes over at a time of persistent inflation, which complicates President Trump's push for lower interest rates. Financial markets are increasingly expecting rate hikes rather than cuts due to rising inflation figures.
Kevin Warsh is set to be the wealthiest Fed chair ever, with estimated assets well over $100 million, significantly more than his predecessor Jerome Powell. He will be required to divest many investments under new policies.
Warsh has indicated he welcomes debate within the Federal Reserve, calling internal disagreements a part of crafting effective monetary policy. He previously served during the financial crisis era and has signaled a desire for significant changes at the Fed.
Here’s all you need to know about the next Federal Reserve Chair:
Kevin Warsh was born in Albany, New York. He studied public policy at Stanford University, focusing on economics and statistics, and earned his bachelor’s degree with honours in 1992. He later attended Harvard Law School, where he concentrated on the intersection of law, economics, and regulatory policy, receiving his law degree in 1995. He also took additional coursework in market economics and debt capital markets at Harvard Business School and MIT’s Sloan School of Management.
After graduating from law school, Warsh joined Morgan Stanley & Co. in New York in 1995, working in the mergers and acquisitions division. During his time there, he advised companies across sectors, including manufacturing, basic materials, professional services, and technology, and was involved in structuring capital markets deals as well as arranging equity and fixed-income financing. He left Morgan Stanley in 2002 as vice president and executive director.
He then joined the administration of former US President George W. Bush, serving as a special assistant to the president for economic policy and as executive secretary of the National Economic Council. In these roles, he advised senior officials on economic issues, including capital markets, banking, securities, and insurance, and was a member of the President’s Working Group on Financial Markets.
In 2006, Bush nominated Warsh to the Board of Governors of the Federal Reserve. He served a five-year term, representing the Board at the G20 and engaging with both emerging and advanced economies in Asia. He also oversaw administrative responsibilities at the Board, including operations, personnel, and financial management. During this period, he delivered several notable speeches on the financial crisis of 2007–09, including “The End of History?”, “The Federal Funds Rate in Extraordinary Times,” and “Rejecting the Requiem.”
Warsh is currently a distinguished visiting fellow at Stanford University’s Hoover Institution and a lecturer at its Graduate School of Business. He also advises several companies and serves on the board of directors of United Parcel Service.
Warsh to be the wealthiest Fed chair ever
According to a CNBC report, Warsh will be the wealthiest Fed chair ever, with holdings worth well over $100 million. As Fed chair, he will be required to divest many of his investments under a strict new policy introduced following disclosures of questionable trading practices among senior officials.
His financial disclosures have revealed that Warsh and his wife, Jane Lauder, have approximately $192 million in assets, with the possibility that the total could be even higher. Assets held in his name alone are estimated to range between about $135 million and $226 million.
Nominees are required to report their holdings to the Senate in broad value ranges. Warsh’s filings include two funds valued at over $50 million each, though no upper limit is specified. Lauder also holds several funds listed at over $1 million each, again without an upper cap.
Warsh married Lauder in 2002. She serves on the board of Estée Lauder, the cosmetics company founded by her grandmother. According to Forbes, her net worth is estimated at $1.9 billion.
The filings have revealed that Warsh is significantly richer than his predecessor, Powell, who, at the time of his confirmation in 2018, was considered the wealthiest Fed chair in history. According to Powell’s most recent filing for 2025, his wealth is between $19 million and $75 million.
About the Authors
Swati Gandhi is a digital journalist with over four years of experience, specialising in international and geopolitical issues. Her work focuses on foreign policy, global power shifts, and the political and economic forces shaping international relations, with a particular emphasis on how global developments affect India. She approaches journalism with a strong belief in context-driven reporting, aiming to break down complex global events into clear, accessible narratives for a wide readership.<br><br> Previously, Swati has worked at Business Standard, where she covered a range of beats including national affairs, politics, and business. This diverse newsroom experience helped her build a strong grounding in reporting, while also strengthening her ability to work across both breaking news and in-depth explanatory stories. Covering multiple beats early in her career has helped her be informed about her current work, allowing her to connect domestic developments with wider international trends.<br><br> At Live Mint, she focuses on international and geopolitical issues through a business and economic lens, examining how global political developments, foreign policy decisions, and power shifts impact markets, industries, and India’s strategic and economic interests.<br><br> She holds a Bachelor’s degree in English (Honours) from the University of Delhi and a Master’s degree in Journalism and Mass Communication from Guru Gobind Singh Indraprastha University. Her academic training has shaped her emphasis on precision, analytical rigour, and clarity in writing. Her interests include global political economy and the intersection of geopolitics with business.<br><br> Outside work, Swati focuses on exploring her passion and love for food. From fancy cafes to street spots, Swati explores food like a true foodie.
Eshita Gain is a digital journalist at Mint, where she joined in May 2025. She writes on corporate developments, personal finance, markets, and business trends, with a focus on delivering timely and relevant stories to a broad audience. <br><br> While her core beat lies in business and finance, she is not confined to a single niche and frequently explores stories across domains, including international relations and policy developments. <br><br> She holds a postgraduate diploma in business and financial journalism by Bloomberg from the Asian College of Journalism (ACJ), Chennai. During her time there, she received rigorous training in tracking financial data, interpreting corporate filings, and reporting on business developments. She has pursued her graduation from St. Joseph’s University, Bengaluru in a multi-disciplinary course. Her majors included Journalism, International Relations, peace and conflict studies. <br><br> Eshita has previously worked in digital marketing, which enables her to write SEO friendly copies that are clear and engaging. <br><br> Her primary interest lies in breaking down complex subjects and writing clear, accessible copies that inform readers. She aims to bridge the gap between technical financial language and everyday understanding. Outside the newsroom, Eshita enjoys reading non-fiction, and exploring new places, constantly seeking fresh perspectives and stories beyond headlines.
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