By Howard Schneider
WASHINGTON, April 14 (Reuters) – Kevin Warsh, the former Federal Reserve governor chosen by President Donald Trump to run the central bank, has submitted financial disclosures that are required for his nomination to advance through the Senate, beginning with a yet-to-be-scheduled hearing.
Warsh’s 69-page disclosure was filed overnight with the U.S. Office of Government Ethics, detailing his income and holdings including two investments listed as worth more than $50 million each in the Juggernaut Fund LP, and $10.2 million in consulting fees from the investment office of Wall Street giant Stanley Druckenmiller.
The filings are complex. The Juggernaut Fund investments, for example, come with the caveat that the underlying assets “are not disclosed due to pre-existing confidentiality agreements,” with a promise from Warsh that “I will divest this asset if confirmed.”
Those are among a series of holdings, including around two dozen in THSDFS LLC, some individually worth as much as $5 million, where details on the holdings were also withheld and which Warsh also pledged to divest if confirmed.
OGE analyst HeatherJones, who signed off on Warsh’s document, noted those commitments in her review and said that “once the filer divests these assets, he will be in compliance” with the Ethics in Government Act.
The document lists dozens of other assets without stating the value, mostly focused, judging by the names, in artificial intelligence and crypto, among other sectors. It was not immediately clear why no value was listed, but OGE rules do not require values to be included for securities worth less than $1,000.
Those holdings include Cafe X, described as a robotic coffee bar platform; a “bionic movement-enhancing wearable clothing” firm called Cionic; Blast, notated as “yield-generating Ethereum layer two,”; and Contraline, a “reversible male contraceptive solution.”
(Reporting by Howard Schneider; Editing by Andrew Heavens, Kirsten Donovan and Hugh Lawson)
Comments