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Warsh’s $226 million fortune under scrutiny as Fed nominee faces Senate confirmation
Kevin Warsh heads into his Senate confirmation hearing Tuesday morning vying to be the richest-ever chair of the Federal Reserve amid mounting questions over his sizable financial portfolio.
Newly released disclosures reveal the extent of Warsh’s wealth but leave key portions of his holdings unclear, which could complicate his path toward confirmation since the position he is up for wields enormous influence over financial markets.
The disclosures are likely to draw scrutiny from lawmakers due to potential conflicts of interest and concerns over transparency, both central focuses of the confirmation process — particularly at a time when the central bank’s credibility is already under a microscope.
TRUMP’S PICK TO LEAD THE FEDERAL RESERVE MEETS GOP SENATOR HOLDING UP HIS CONFIRMATION
According to documents submitted to the Senate last week, Warsh reported assets valued at roughly $135 million to $226 million, positioning him to become the wealthiest chair in the Federal Reserve’s history if confirmed.
The nearly 70-page filings, released by the U.S. Office of Government Ethics as part of the standard vetting process for senior nominees, detail a portfolio spanning investments, board roles and other financial interests.
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Still, the disclosures leave some gaps.
For example, certain holdings are listed in broad ranges or lack full detail, a common feature of such filings but one that can draw scrutiny when nominees are poised to oversee institutions with vast influence over financial markets.
In fact, a note from a government ethics official attached to the filings says Warsh is currently out of compliance with ethics rules for certain holdings where he did not disclose the funds’ underlying assets.
The Office of Government Ethics said the rest of the filing meets federal requirements and that Warsh would return to full compliance once he divests those assets, which he has pledged to do within 90 days of confirmation.
That dynamic could prove especially sensitive for Warsh as lawmakers weigh potential conflicts of interest and the steps he would need to take to avoid them.
Beyond that, the filings also underscore the scale of wealth tied to his family.
They do not include the far larger fortune connected to his wife, Jane Lauder — granddaughter of Estée Lauder’s founder — which Forbes estimates at about $1.9 billion. Separate disclosures show Lauder holds millions of dollars in additional assets, further adding to the family’s overall financial footprint.
TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE
Warsh’s potential ascent comes at a turbulent moment for the central bank.
Senators are still weighing ethics concerns tied to Federal Reserve Chair Jerome Powell, with at least one Republican vowing to block Warsh’s confirmation over the issue.
Sen. Thom Tillis, R-N.C., who has been holding up the nomination, said he supports Warsh but will not back his confirmation until a Justice Department investigation into Powell is resolved. But that’s unlikely considering President Donald Trump’s push for the probe and refusal to back off pressuring DOJ to investigate.
On Jan. 11, Powell confirmed that the Justice Department opened a criminal investigation into his congressional testimony regarding the renovation of the Federal Reserve’s two historic buildings on Washington, D.C.’s National Mall.
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That probe comes as the Federal Reserve faces mounting pressure on multiple fronts, including a Supreme Court case testing its independence and persistent cost-of-living concerns weighing on President Donald Trump’s economic agenda.
Against that backdrop, scrutiny of Warsh’s finances — and how he manages them — is likely to intensify as his nomination advances.
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NEW: Justice Alito Abruptly Reverses Course In Key SCOTUS Case
Supreme Court Justice Samuel Alito has abruptly withdrawn from one of the most consequential climate-related cases before the high court, leaving just eight justices to decide a dispute that could affect lawsuits seeking billions of dollars from fossil-fuel companies.
The court notified attorneys Monday that Alito “has determined that he will not continue to participate” in *Suncor Energy Inc. v. County Commissioners of Boulder County*.
No explanation was provided for his decision.
The last-minute development comes ahead of arguments in a closely watched Colorado case that could have implications for similar climate lawsuits brought by states and municipalities across the country.
The dispute dates back to 2018, when Boulder County and the City of Boulder sued Exxon Mobil and Suncor Energy in Colorado state court. San Miguel County later joined the litigation.
The municipalities allege the companies contributed to “climate-related harms” through decades of fossil-fuel production, refining and sales, along with what the plaintiffs describe as “concealment or misrepresentation” concerning the risks associated with their products.
They are seeking damages under Colorado state law for costs they attribute to climate change, including flooding, wildfire risks, drought and damage to public infrastructure.
The energy companies argue that the claims cannot proceed under state tort law because federal law governs interstate air pollution and because allowing individual states to regulate conduct tied to global emissions raises constitutional concerns.
After years of litigation over where and how the case could proceed, the Colorado Supreme Court allowed the lawsuit to move forward.
The U.S. Supreme Court subsequently agreed to hear the dispute.
The stakes extend far beyond Colorado.
Similar lawsuits have been filed against fossil-fuel producers by states and local governments seeking compensation for climate-related costs. The Supreme Court’s eventual decision could therefore shape how those cases proceed.
Alito’s withdrawal is particularly notable because he previously recused himself from an earlier petition arising from the same Colorado litigation in 2023.
He has also stepped aside from other energy-related cases.
When the Supreme Court agreed to hear the current Suncor appeal, however, a court spokesperson said in May that Alito “does not have a financial interest in any party” and that the court’s legal counsel had determined recusal was not required.
Alito does not own stock in Exxon Mobil or Suncor.
His most recent financial disclosure does list individual investments in other energy companies, including ConocoPhillips and Phillips 66, which are defendants in separate climate-related litigation.
Advocacy groups had argued that those investments, combined with the potential industry-wide implications of the Suncor case, raised questions under the Supreme Court’s Code of Conduct.
The code states that a justice should recuse when the justice’s impartiality might reasonably be questioned or when the justice has a financial interest in the subject matter in controversy.
But justices generally are not required to explain why they recuse themselves, and Alito has not publicly stated what prompted his decision in this case.
His absence could have a significant procedural consequence.
Only eight justices will now participate. If the court divides 4-4, the Colorado Supreme Court’s ruling would remain in place without establishing a nationwide Supreme Court precedent.
The remaining court includes five conservative justices and three liberal justices, although ideological alignment does not necessarily determine how individual justices will approach the federal-preemption questions presented in the case.
Alito had been viewed by some legal observers as potentially receptive to the companies’ argument that federal law prevents states from using their own tort laws to impose liability over emissions associated with global climate change.
His decision to step aside removes one vote from the case before arguments even begin.
What remains unexplained is why.
The court’s notification says only that Alito “has determined that he will not continue to participate,” leaving the reason for his withdrawal undisclosed as the justices prepare to hear a case with potential consequences for climate litigation nationwide.
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National Emergency Declared — Trump Called In
Five men have been arrested in a suspected terror plot near one of America’s most strategically important bomber hubs in Britain, triggering an intensive counterterrorism investigation and renewed security concerns surrounding U.S. military installations overseas.
British authorities launched the investigation after police received a report shortly before 1 a.m. Sunday about three suspicious vehicles apparently traveling toward RAF Fairford.
Armed officers descended on the nearby Whelford area and arrested five men initially on suspicion of explosives offenses. Authorities subsequently arrested the suspects on suspicion of preparing a terrorist act under Section 5 of Britain’s Terrorism Act.
All five are British nationals from London in their early twenties, police said Monday.
Investigators are now working to determine what the men allegedly intended to do, their motive and whether anyone else — including a foreign actor — played a role.
RAF Fairford is owned by Britain but serves as a strategically important operating location for the U.S. Air Force, including American long-range bombers.
The installation has taken on increased importance amid U.S. military operations involving Iran and the broader Middle East.
Former Defense Intelligence Agency official Andrew Badger said the circumstances surrounding the arrests immediately stood out.
Five suspects traveling in three separate vehicles, he argued, could indicate investigators are dealing with something more coordinated than an isolated individual.
“This isn’t just some type of amateur lone wolf operation,” Badger told Fox News Digital while discussing the investigation.
Badger also predicted the incident could lead to tougher security measures at American military facilities.
“We are going to see elevated security protocols,” he said.
The potential target is significant.
American B-1B Lancers and B-52 Stratofortresses have operated from RAF Fairford, providing the United States with a European location capable of supporting long-range strategic bomber missions.
Its reinforced runway stretches nearly two miles and is capable of handling some of America’s largest military aircraft.
President Donald Trump addressed the arrests Sunday and said American and British authorities had worked together in connection with the incident.
“They were looking to do big damage to our fort,” Trump told reporters.
Trump also praised cooperation between the United States and Britain following the arrests.
British authorities have been considerably more cautious about assigning a motive.
Investigators are still trying to establish what happened and why. Possible foreign involvement is reportedly among the avenues being examined, but authorities have not publicly concluded that Iran — or any other government — directed the alleged plot.
Iran’s embassy in London denied involvement Monday amid speculation surrounding the arrests.
Investigators are reportedly examining several possible motives, including potential Iranian links, Russian sabotage and Islamist extremism. None of those possibilities has been publicly established as the cause of the suspected plot.
The Iranian connection has drawn particular attention because of recent tensions surrounding military installations supporting operations against Tehran.
Iran’s Islamic Revolutionary Guard Corps warned in July that bases supporting attacks against Iranian territory could become military targets.
Britain had previously authorized American forces to use Fairford for certain operations against Iranian missile positions.
Security around the installation had reportedly already been increased.
Local councilor Tristan Wilkinson told Reuters that surveillance was stepped up following a specific Iranian threat roughly six weeks before Sunday’s arrests.
Authorities have not publicly established any connection between that earlier threat and the five suspects.
The response on the ground was substantial.
Approximately 85 households were evacuated while authorities established a roughly 400-meter security cordon as specialists examined vehicles connected with the investigation.
Reports indicated that a local farmer alerted authorities after spotting three large white vans and suspicious activity near the military installation. Hooded and masked individuals were reportedly seen running toward nearby fields.
Former Trump White House official Morgan Murphy said American agencies would likely be working closely with British investigators as authorities attempt to determine whether the alleged operation extended beyond the five suspects.
Murphy pointed to Air Force investigators, U.S. intelligence personnel and FBI officials stationed in London as among those who could become involved.
Investigators are likely to examine communications, financial transactions and other records for evidence of additional connections, he said.
The area contains another strategically important American military facility as well.
Nearby RAF Welford houses a major U.S. weapons and ammunition storage operation supporting American forces in Britain and across the European theater.
For now, the most important questions remain unanswered: what the five men allegedly planned, whether RAF Fairford was their intended target, and whether anyone else was behind them.
British counterterrorism authorities continue to investigate, and no foreign government or organization has been publicly identified by police as responsible for the suspected plot.
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Seat Officially Flipped After HUGE Win and Election Upset
Republicans were dealt a surprise blow in one of Pennsylvania’s most reliably red state House districts after Democrat Brandon Dukes pulled off a razor-thin special-election upset in territory President Donald Trump carried by more than 18 points.
But the fight isn’t over.
Dukes defeated Republican Scott Timko by just 88 votes in Pennsylvania’s 12th House District in Butler County, flipping a seat Republicans had controlled for decades.
Now Republicans will get an immediate opportunity to take it back when Dukes and Timko face each other again in November.
The special-election result immediately drew attention because of just how Republican the district has historically been.
Trump carried the district by more than 18 percentage points in the 2024 presidential election, while former Republican state Rep. Stephenie Scialabba won the district by roughly 30 points that same year.
Scialabba’s resignation earlier this year created the vacancy and triggered the special election.
Dukes’ victory broke a Republican hold on the seat dating back decades and gave Democrats a significant pickup just months before the November midterms.
But Republicans are pointing to one major factor that could make the rematch very different: turnout.
Participation in the special election was unusually low, producing an electorate far smaller than the one expected to vote in November.
That leaves both parties preparing for a dramatically different contest when a much larger group of voters returns to the polls for the general election.
The Pennsylvania House Republican Campaign Committee made clear that it considers Tuesday’s result only the first round.
“The General Election starts today with Scott Timko reaching out to voters, building a winning coalition, and holding Brandon Dukes accountable for his extreme positions that he continues to hide from voters.”
The special-election reporting did not specify which positions Republicans were referring to.
Pennsylvania House Republican Leader Jesse Topper also sought to put the loss in perspective, describing the result as “disappointing but unsurprising” while pointing to changing demographics, the summertime election date and the unpredictable nature of special-election turnout.
“There is much more yet to unfold in the final months of the 2026 election cycle and we will continue carrying out vision for positive growth in Pennsylvania through November,” he said.
The district itself underscores why the result is attracting attention.
Pennsylvania’s 12th House District covers portions of Butler County north of Pittsburgh, including Cranberry, Adams and Jackson townships and several surrounding communities. Republicans also hold a substantial voter-registration advantage in the district.
Yet Dukes managed to overcome those structural advantages in the low-turnout special election and capture the seat by fewer than 100 votes.
The result gives Democrats control of a district that had long been considered safe Republican territory — at least for now.
Republicans will have their chance to reverse the upset on November 3, when Timko and Dukes meet again to determine who will represent the district for a full two-year term beginning in 2027.
With the special election decided by only 88 votes, the rematch is shaping up to be a closely watched Pennsylvania House contest heading into November.
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