assets

April 14 (UPI) — Kevin Warsh, the presidential pick for the next Federal Reserve chairman, has wealth greater than any other recent chairman, his financial disclosures released Tuesday show.

The filings were part of the usual consideration process for the role. Warsh, if confirmed, would succeed current Chairman Jerome Powell, whose second term ends May 15. A Senate hearing on the matter is expected to take place April 21.

CNBC reported that Warsh’s disclosure forms show that the nominee has about $192 million in assets in combination with his wife, Jane Lauder, who is an heir to the Estee Lauder fortune. Warsh’s solo assets equal about $135 million to $226 million. These numbers show a large range because they can include variable items such as bonds, stocks and other assets.

By comparison, Powell’s financial filings for 2025 showed assets of between $19 million and $75 million, while former Chairman Ben Bernanke, who left office in 2014, submitted filings that year of about $2.3 million in assets, CNBC reported.

If the Senate confirms Warsh, he has said that he will divest a large amount of assets, of which about 1,800 were listed in the forms. Some of these were undisclosed because of cited “preexisting confidentiality agreements,” The New York Times and CNBC reported.

Warsh, who served as a governor at the Federal Reserve from 2006 to 2011, also said that he would resign posts such as his role as financial adviser to investor Stanley Druckenmiller, as well as several other positions including a board seat at UPS.

Warsh will face the Senate Banking Committee in the planned hearing before a full Senate vote. However, an ongoing Department of Justice investigation into Powell has further complicated matters. Sen. Thom Tillis, R-N.C., a member of the Senate Banking Committee, has said he will not vote on Warsh or any other nominee for the role until the investigation is completed.

The deterrence posture against North Korea will not be hindered regardless of a potential shift of military assets owned by the U.S. military stationed in South Korea, a senior official at Cheong Wa Dae said Wednesday, amid media reports that the U.S. Forces Korea (USFK) has shipped out some of its air defense assets from the Korean Peninsula.

“Given our level of military capability, defense spending, defense industry capacity and the high morale of our troops, there is no problem with deterrence against North Korea regardless of whether some USFK assets are relocated overseas,” the official said.

The official, however, declined to comment on media reports that parts of a Terminal High Altitude Area Defense (THAAD) system and other air defense units owned by the USFK were moved from South Korea amid a raging war in the Middle East.

“It is not appropriate for our government to comment on military operations between Korea and the U.S.,” the official said.

The official said South Korea and the U.S. have remained in close coordination to maintain a robust combined defense posture.

“Korea and the U.S. will maintain a robust combined defense posture to contribute to peace and stability on the Korean Peninsula and in the region,” the official said. “To that end, the two countries will continue close communication and coordination.”

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.