U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member presses Kevin Warsh on divestment of undisclosed USD 100 million in assets

The U.S. Senate Committee on Banking, Housing and Urban Affairs published a letter from Ranking Member Elizabeth Warren to Kevin Warsh, sent ahead of his swearing in as Chair of the Federal Reserve, asking whether he has completed the divestment of his financial holdings required before taking office and identifying who acquired those assets. Warren said Warsh had failed to disclose about USD 100 million in assets and related income during the nomination process, raising potential compliance questions under federal ethics laws and the Federal Reserve Act. According to the letter, the Ethics in Government Act of 1978 required Warsh to disclose his assets and income sources so potential conflicts could be identified and addressed, and Warren said that standard is especially important for Federal Reserve members. She also said Warsh had not meaningfully answered earlier questions about which assets he planned to sell, to whom, on what terms, and what conflicts could arise from the holdings or their sale. The letter adds that, without fuller disclosure, one or more holdings across his dozens of funds and entities could include stock in a financial institution prohibited under the Federal Reserve Act. The letter requests a response by May 29, 2026.