Incoming Fed Chair Warsh Begins Massive Asset Sell-Off Before Friday Swearing-In

Donald Trump's nominee to lead the Federal Reserve, Kevin Warsh, disclosed his first round of planned asset sales on Tuesday ahead of his Friday swearing-in, according to an Office of Government Ethics filing. Warsh, on track to become the wealthiest Fed chair in the institution's history, listed asset sales, including the Juggernaut Fund L.P., previously valued at a combined minimum of $100 million across two entries on his financial disclosure form. His wife also divested an asset. The filing listed asset names but not their dollar values, The divestments fulfill an ethics agreement Warsh made with the government to align his wealth with Federal Reserve rules. At his April 21 Senate Banking Committee confirmation hearing, Warsh stated he agreed to sell "virtually all" his financial assets, leaving his fortune held almost entirely in cash. Warsh succeeds Jerome Powell, who will remain as a Fed governor.