Kevin Warsh facts for kids
Quick facts for kids
Kevin Warsh
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Official portrait, 2026
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| 17th Chair of the Federal Reserve | |
| Assumed office May 22, 2026 |
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| President | Donald Trump |
| Preceded by | Jerome Powell |
| Member of the Federal Reserve Board of Governors | |
| Assumed office May 22, 2026 |
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| President | Donald Trump |
| Preceded by | Stephen Miran |
| In office February 24, 2006 – March 31, 2011 |
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| President | |
| Preceded by | Ben Bernanke |
| Succeeded by | Jeremy C. Stein |
| Personal details | |
| Born |
Kevin Maxwell Warsh
April 13, 1970 Albany, New York, U.S. |
| Political party | Republican |
| Spouse |
Jane Lauder
(m. 2002) |
| Relatives | Lauder family |
| Education | |
Kevin Maxwell Warsh (born April 13, 1970) is an American financial expert and lawyer. He has been the 17th leader of the Federal Reserve and a member of the Federal Reserve Board of Governors since May 2026. Before this, Warsh was also a member of the Federal Reserve Board of Governors from 2006 to 2011.
Warsh earned his college degree in public policy from Stanford University in 1992. He then became a lawyer after graduating from Harvard Law School in 1995. From 1995 to 2002, he worked for Morgan Stanley, helping companies combine or buy other companies. In 2002, President George W. Bush chose Warsh to be a special assistant for economic policy. He also served as the executive secretary of the National Economic Council. Warsh helped the Bush administration deal with the aftermath of several major accounting scandals, including discussions about the Sarbanes–Oxley Act.
In 2006, President Bush nominated Warsh to join the Federal Reserve Board of Governors. He worked closely with the board's chairman, Ben Bernanke, especially during the 2008 financial crisis. As the Federal Reserve's main contact with financial markets, Warsh was involved in important events. These included the sale of Bear Stearns to JPMorgan Chase, the bankruptcy of Lehman Brothers, and the rescue of American International Group. Warsh later disagreed with a plan to buy $600 billion in government bonds, a move favored by Bernanke. He then resigned from his position in 2011. After leaving, he taught at the Stanford Graduate School of Business until 2026.
In January 2026, President Donald Trump announced Warsh as his choice to lead the Federal Reserve, taking over from Jerome Powell. His nomination faced delays due to a legal investigation involving Powell. The Senate voted to confirm Warsh as a member of the Federal Reserve Board of Governors and as its chair the following month. The vote to confirm Warsh as chair was the closest in U.S. history for that position.
Contents
Early Life and Education (1970–1995)
Kevin Maxwell Warsh was born on April 13, 1970, in Albany, New York. He is Jewish. He was the youngest of three children born to Robert and Judith Warsh. His father, Robert, made school uniforms and grew up in Loudonville. Kevin Warsh attended Shaker High School, where he played on the school's tennis team. When he was young, Warsh appeared in local television commercials and in a movie called Ironweed (1987).
Warsh's love for tennis led him to attend Stanford University. There, he became the leader of the student government. He was also part of a research group called the Hoover Institution, where he helped economists create computer models. Warsh graduated from Stanford in 1992 with a college degree in public policy. He thought about staying at Stanford to get an advanced degree in economics. However, because his father encouraged him, he went to Harvard Law School. He graduated with honors as a lawyer in 1995. Warsh also studied how markets work and how money is borrowed at Harvard University and the Massachusetts Institute of Technology. He worked as a summer intern at law firms like Cravath, Swaine & Moore and Brobeck, Phleger & Harrison.
Career in Finance and Government
Working at Morgan Stanley (1996–2002)
In August 1996, Morgan Stanley hired Warsh. He worked on helping companies combine or buy other companies. Warsh was later promoted to a vice president and executive director in investment banking. He was at Morgan Stanley's main office in New York City on the morning of the September 11 attacks. He saw the collapse of the World Trade Center. This experience made him want to leave Morgan Stanley and work for the government instead.
Serving the National Economic Council (2002–2006)
In April 2002, President George W. Bush named Warsh as a special helper to the President for money matters. He also became the executive secretary of the National Economic Council. In this role, he handled money, banking, and market issues within the country. Warsh was especially involved in how the Bush administration responded to various accounting scandals. These were problems where companies lied about their money. He helped with negotiations for a new law called the Sarbanes–Oxley Act, which aimed to prevent future scandals. His work also included talking to the public. Warsh was the main contact person for the White House with important government groups like the Federal Deposit Insurance Corporation, the CFTC, and the SEC. That month, Warsh married Jane Lauder, whose family owned the famous Estée Lauder Companies. Warsh was considered for a top job at the SEC and a high-ranking position in the Treasury Department. He also helped Ben Bernanke get ready for his interview to join the Federal Reserve.
Federal Reserve Board of Governors (2006–2011)
Becoming a Governor
In July 2005, news reports said the Bush administration was thinking about appointing Warsh to an open spot on the Federal Reserve Board of Governors. The administration wanted to add Warsh's knowledge of financial rules to Chairman Ben Bernanke's experience. On January 27, 2006, President George W. Bush nominated Warsh and economist Randall Kroszner to serve on the Board of Governors. Warsh's term was set to end in January 2018. Warsh would be the youngest person on the Federal Reserve Board of Governors after his confirmation. Some people thought he was a great choice, while others had concerns. Supporters liked his real-world experience in financial markets. Critics worried he was too young and didn't have enough experience.
Warsh spoke to the Senate Committee that deals with banking and housing on February 14, 2006. Even though he didn't have much experience with how the government controls money, Senator Richard Shelby, who led the committee, supported Warsh. Warsh told the committee that a slowing housing market could cause problems for the Federal Reserve. He was open to the idea of setting a specific goal for how much prices should rise, as long as it didn't limit the Federal Reserve's choices. The Senate Committee approved Warsh and Kroszner's nomination with a unanimous vote on February 16. The next day, the Senate approved them by a voice vote, meaning no one objected.
His Time as Governor
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Warsh officially started his job on February 24, 2006, with Vice President Dick Cheney present. He became an important helper to Bernanke and a link to leaders in the financial world, especially on Wall Street. In November, Warsh worried about prices continuing to rise, even when some reports suggested they were slowing down. Even as worries about a global financial crisis grew in February 2007, he stayed hopeful about how easily money could move in the markets. In July, Warsh spoke to a House Committee about financial services. He stated that problems with certain home loans were not yet a risk to the entire financial system. He first thought it was wrong to protect very large financial companies. Warsh helped arrange an emergency loan to save Bear Stearns.
Warsh played a big part in how the Federal Reserve handled the financial crisis. He was part of a small group of leaders at the Federal Reserve, sometimes called the "Four Musketeers," who guided the central bank during the crisis. This group included Chairman Bernanke, Vice Chairman Donald Kohn, and Timothy Geithner, who led the Federal Reserve Bank of New York. Warsh didn't want Freddie Mac and Fannie Mae to buy more assets. He wanted to regulate them and even considered the government taking them over. Along with Geithner, Warsh helped manage the many assets of Lehman Brothers. He suggested that Wachovia and Morgan Stanley combine. He also encouraged Wachovia's CEO, Robert K. Steel, to sell his company to Goldman Sachs. Warsh also suggested to Morgan Stanley's president, Gary Cohn, that his company merge with Citigroup.
Warsh was involved in major events like the sale of Bear Stearns to JPMorgan Chase, the bankruptcy of Lehman Brothers, and the rescue of American International Group (AIG). Warsh and Geithner helped create the agreement that turned Morgan Stanley and Goldman Sachs into bank holding companies. Emails showed that Warsh strongly disagreed with Bank of America's attempt to back out of buying Merrill Lynch & Co.. He pushed the company's board to find a new leader after Ken Lewis. By January 2009, Warsh was one of the people considered to replace Geithner as the head of the Federal Reserve Bank of New York. He was a top choice along with William C. Dudley, but he decided not to pursue the role that month. By July, many expected him to leave the Federal Reserve Board of Governors.
In September 2009, Warsh believed the Federal Reserve should be ready to raise interest rates. He felt the central bank was moving away from the slow, steady rate increases favored by former Chairman Alan Greenspan. He didn't like the idea of buying mortgage debt or government bonds. He was also unsure about taking early steps to make the Federal Reserve's investments even bigger. In an article for The Wall Street Journal, Warsh wrote that he doubted a plan to buy $600 billion in government bonds would help the U.S. economy, even though he voted for it. On February 10, 2011, Warsh announced he would step down as a member of the Federal Reserve Board of Governors at the end of March.
After Being a Governor (2011–2025)
After leaving the Federal Reserve Board of Governors, Warsh became a partner at the Duquesne Family Office, a company run by Stanley Druckenmiller. He also joined the boards of directors for companies like United Parcel Service and Coupang. He became a special fellow at the Hoover Institution and a visiting scholar at the Stanford Graduate School of Business. Before Janet Yellen's term as Federal Reserve chair ended in 2018, Warsh was considered a possible replacement.
Chair of the Federal Reserve (2026–Present)
Nomination and Confirmation
In March 2024, The Wall Street Journal reported that Donald Trump's economic advisors suggested several people to replace Jerome Powell as chair of the Federal Reserve. After his win in the 2024 presidential election, Trump looked again at who he might choose for Secretary of the Treasury. This was due to concerns about businessmen Howard Lutnick and Scott Bessent. According to The New York Times, Trump thought about Warsh for Secretary of the Treasury. In November, the Journal reported that Trump had suggested nominating Warsh for Secretary of the Treasury and later for Federal Reserve chair after Powell's term ended. Trump later nominated Bessent for Secretary of the Treasury.
After Trump again had disagreements with Powell, Warsh was one of several people considered to replace him. In July 2025, the Journal reported that the competition between Warsh and Kevin Hassett became very intense. In August, Trump stated that the search for Powell's replacement was down to three people: Warsh, Hassett, and Christopher Waller. Waller was a favorite of Trump's advisors. Bessent later confirmed these names and added Michelle Bowman and executive Rick Rieder as other possibilities. Interviews for the position finished in December.
In January 2026, Trump said he preferred Hassett to stay at the National Economic Council. That month, The New York Times reported that Trump was going to name Warsh as his choice for Federal Reserve chair. On January 30, Trump announced he would nominate Warsh as chair of the Federal Reserve. Warsh's nomination happened while there was a legal investigation into Powell. Senator Thom Tillis said he would stop Warsh's nomination until the investigation was over. Bessent tried to get the committee to start hearings on Warsh's nomination, even with Tillis's objection. In March, a judge dismissed some parts of the investigation into Powell. However, a U.S. attorney continued the case, which caused delays for Warsh's nomination.
As Warsh's hearing approached in April 2026, several Republican senators, including Senate leader John Thune, publicly showed their unhappiness with the investigation. Warsh spoke to the Senate Committee on Banking, Housing, and Urban Affairs on April 21. He promised he would be a "strictly independent" chairman. This meant he would make his own decisions, even if President Trump wanted him to lower interest rates. He suggested several changes for the Federal Reserve, like reducing its investments. After the hearing, the Department of Justice announced it was ending the investigation into Powell. This cleared the way for Warsh's confirmation. Once Tillis stopped his objections, the Senate Committee voted to send Warsh's nomination to the full Senate. The vote was 13–11, mostly along party lines, on April 29. The next day, Thune took a step to speed up the vote on Warsh's nomination.
The Senate voted 49–44 to move Warsh's nomination forward on May 11, 2026. The vote was mostly along party lines. However, two Democratic senators, John Fetterman and Chris Coons, voted to advance it. Warsh was confirmed as a member of the Federal Reserve Board of Governors with a 51–45 vote the next day. On May 13, the Senate voted 54–45 to confirm Warsh as the chair of the Federal Reserve. Senator Fetterman was the only Democrat to vote for both nominations. Senator Kirsten Gillibrand did not vote. This vote was the closest in U.S. history for a Federal Reserve chair.
His Time as Chair
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Before Warsh became chair, the Federal Reserve faced several challenges. These included efforts to remove Jerome Powell and another governor, calls for lower interest rates despite a fuel crisis, and internal disagreements. Warsh officially started his job on May 22, 2026, at the White House. He was the first Federal Reserve chair to take office in the White House since 1987. In June, Warsh appointed Paul Winfree and Daniel Heil as temporary policy advisors. Winfree had previously written about the Federal Reserve for a project called Project 2025.
Warsh held his first Federal Open Market Committee meeting in June 2026. This meeting introduced several changes to the Federal Reserve, including a shorter policy statement. Warsh announced he would create several special groups to study money policy. He stated that he did not submit a public quarterly rate projection. This showed his disagreement with giving too much future guidance.
Wealth
In January 2006, Warsh's financial report showed that he and his wife, Jane Lauder, had $65.3 million in assets. Warsh's own accounts held between $916,000 and $2.07 million. A financial center estimated he was "the wealthiest individual to serve on the board in many years." The 2008 financial crisis lowered Warsh's wealth to between $670,000 and $1.4 million by July 2009. His wealth increased to between $802,000 and $1.8 million the following year.
In April 2026, Warsh reported over $100 million in assets. This included investments in the Juggernaut Fund, a hedge fund connected to the Duquesne Family Office.
His Views
Warsh is a member of the Republican Party. He donated money to George W. Bush's presidential campaigns in 2000 and 2004.
Money Policy
According to The New York Times, Warsh's exact views on inflation and interest rates are not always clear. When he was a member of the Federal Reserve Board of Governors from 2006 to 2011, he was considered strict about interest rates. He later said that the Federal Reserve was too slow to cut interest rates after prices started rising quickly during the COVID-19 pandemic. Warsh believed this price increase was due to rules made by the Biden administration and government spending.
During the 2008 financial crisis, Warsh argued that a certain economic rule, the Taylor rule, was mostly accurate. However, he admitted it didn't predict the crisis. In September 2012, Warsh claimed that the release of the iPhone 5 would have a bigger impact on the economy than the Federal Reserve's efforts to boost the economy. In May 2018, Warsh suggested that the Federal Reserve should consider using blockchain technology to create its own digital currency.
Financial Rules
In May 2006, Warsh stated that the Federal Reserve should work harder to regulate hedge funds. In February 2010, he called for countries to work together on making financial rules better. Warsh asked for more market discipline and simpler rules that were put in place after the 2008 financial crisis.
Economic Topics
In an essay he wrote with former Florida governor Jeb Bush in 2011, Warsh criticized protectionism. This is when a country tries to protect its own industries by limiting imports.
