Federal Reserve Chair-designate Waller announces details of the first round of asset divestitures.

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Kevin Warsh, the incoming Federal Reserve Chair, disclosed his first round of asset sale plans on Tuesday local time prior to his swearing-in, but the disclosure documents did not state who bought these assets.

In a form filed with the Office of Government Ethics, Warsh listed the names of assets he held, but did not provide the sale prices. During his confirmation hearing in April, Warsh, who is poised to become the richest Fed Chair in history, stated that he would ensure his asset holdings comply with U.S. government and Fed ethics rules.

Warsh's form listed the sale of an investment called “Juggernaut Fund L.P.” In his financial disclosure filed before last month's confirmation hearing, he listed two entries for this fund, valued at a total of at least $100 million.

Warsh also disclosed the sale of several other assets, as well as an asset divested by his wife.

The incoming Fed chief is scheduled to be sworn in on Friday, succeeding current Chair Jerome Powell. Powell plans to remain as a Board member to help manage tensions between the Fed and the Trump administration.

Planned Sales

This disclosure by Warsh was expected, in accordance with an agreement reached with the U.S. government to ensure his wealth complied with current ethics rules. Who or which entities purchased these assets may become an issue after Warsh takes office, as some Democrats have already expressed concerns about potential buyers.

On April 21, Warsh told members of the Senate Banking Committee, “In order to avoid questions about my independence or the clarity of my financial record, I have agreed to divest almost all of my financial assets.”

Warsh said that after completing the required asset divestitures, as Fed Chair, he will have almost no financial assets, and his wealth will be held almost entirely in cash.

Warsh’s financial disclosure from last month showed he held assets valued at least $100 million across various investments, many of which he refused to disclose due to confidentiality agreements.

According to his April disclosure, the Juggernaut investment listed for sale on Tuesday may have brought Warsh more than $10 million annually in income previously.

During the confirmation hearing, U.S. Senator Elizabeth Warren expressed concern over who might purchase Warsh’s assets and whether this could result in conflicts of interest.

The Fed’s ethics rules, formally established in early 2022, are among the strictest in the U.S. government. The rules were tightened following several officials leaving the Fed amid transaction controversies resulting from multiple Inspector General investigations.

The Fed’s rules strictly limit the types of assets officials can hold and how funds are managed. These regulations are designed to ensure the public believes policymakers act in the public interest. The rules also apply to immediate family members.

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