At Hearing, Kevin Warsh Refuses to Say Trump Lost the 2020 Election, Fails to Answer Questions on Undisclosed $100 Million Wealth

WASHINGTON, April 22 -- Sen. Elizabeth Warren, D-Massachusetts, ranking member of the Senate Banking, Housing and Urban Affairs Committee, issued the following news release on April 21, 2026:

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At Hearing, Kevin Warsh Refuses to Say Trump Lost the 2020 Election, Fails to Answer Questions on Undisclosed $100 Million Wealth

Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, questioned President Trump's nominee for Chair of the Federal Reserve (Fed), Kevin Warsh, during a Committee hearing on his nomination.

Below is Ranking Member Warren's exchange with Kevin Warsh:

Warren: The Fed has been plagued by deeply disturbing ethics scandals in recent years involving at least six Fed officials. So it's critical that the next Chair have no financial conflicts--none. You have more than $100 million dollars in investments that you have refused to disclose to ethics officials and to the public. So let me ask: do the Juggernaut Fund or THSDFS LLC invest in any companies affiliated with President Trump or his family, companies that have facilitated money laundering, Chinese-controlled companies, or financing vehicles established by Jeffrey Epstein?

Warsh: Senator Warren, thank you. Let me first share a point of agreement with you. The Fed has two tools. One is its monetary policy and the second is its credibility. And the scandals that you talk about, the ethics problems you talk about, run to the core of the credibility that has hurt the Fed.

Warren: Mr. Warsh I appreciate that but- Would you answer my question please? I asked, You have 100 million dollars in undisclosed assets. What I'm asking is, are any of those with this outfit that invests in companies affiliated with President Trump and the family, companies that facilitated money laundering, Chinese controlled companies, or financing vehicles set up by Jeffrey Epstein? It's a yes or no question.

Warsh: Senator, I have worked tirelessly with the ethics officials at the Office of Government Ethics -

Warren: And you have not revealed $100 million dollars in assets.

Warsh: - And do an ethics agreement with them and have agreed, Senator, to sell all of my financial assets including the Duquesne assets.

Warren: That's not my question. Mr. Warsh are you refusing to tell us if you have investments for example, in a vehicle set up to advance Jeffery Epstein? Is that what you're telling us? You just won't tell us?

Warsh: Senator, what I'm telling you is that those assets that you represent as Juggernaut will be sold, if I'm confirmed, before I take office, and sign the oath of office.

Warren: Let me follow up on that. Will you at least disclose how you plan to disclose and divest these secret assets. I'm sure you understand that the public might question your motives, if for example billionaire Stanley Druckenmiller, who you honored in your opening statement, and who makes a living guessing what the Fed will do next, cuts you a massive check for $100 million dollars as you take the oath of office to become the new Federal Reserve Chair.

Warsh: Senator as you know, it sounds like your fight might not be with me, but the Office of Government Ethics. I have come to full agreement with them and have agreed to divest all of those assets especially those that you referenced before I take the oath of office.

Warren: I'm asking you a very straightforward question Mr. Warsh. And that is, will you disclose how you divest those assets or will you just collect a check for $100 million dollars from someone who's whole business is betting on what the Fed will do?

Warsh: As I said to the ethics officials at the Federal Reserve and the Office of Government Ethics, and they agreed, I would be redeeming my assets before I take office.

Warren: I'll take that as a no as well.

Donald Trump has made clear that he does not want an independent Fed. In fact, he has said, and I quote, "anybody that disagrees with me will never be Fed Chairman." And he's made clear that you are his sock puppet, saying last week that interest rates will drop quote, "when Kevin gets in, yeah I think they do." Not, when economic conditions change we'll get lower rates. Not when the economy needs it. Nope. He said when my guy, Kevin Warsh, is in there we'll get the interest rates that I, Donald Trump, wants.

Independence takes courage. So let's check out your independence and your courage.

We'll start easy. Mr. Warsh, did Donald Trump lose the 2020 election?

Warsh: We try to keep politics, if I'm confirmed, out of the Federal Reserve.

Warren: I'm just asking you a factual question. I need to know- I need to measure your independence and your courage.

Warsh: Senator, I believe that this body certified that election many years ago.

Warren: That's not the question I'm asking. I'm asking, did Donald Trump lose in 2020?

Warsh: I'm suggesting to you in 2020 -

Warren: I'm suggesting you can't answer that.

Warsh: - the Fed mandate cured your huge inflation problem and you certified the election. We need to keep politics out of monetary policy and monetary policy out of politics.

Warren: So let me ask you another question. In our meeting, you said you would be independent because you're quote a, "tough guy", those were your words, "tough guy" and will be able to stand up to President Trump. So let's try it again: Name one aspect of President Trump's economic agenda with which you disagree.

Warsh: Well Senator, the Federal Reserve in recent years has wandered outside of its realm, wandered into other areas. That's not something I'm prepared to do. If I'm confirmed, the Federal Reserve should stay in its lane.

Warren: I'm asking for something you disagree with Donald Trump on. Just one economic- just one economic- just one. Just one little place where you disagree with Donald Trump.

Warsh: Well I do have a disagreement actually, Senator, with the President. I think, even this morning, he said that he thought I was at a central casting. I think central casting, I'd look older, grayer, and maybe show up here with a cigar of sorts.

Warren: Quite adorable. But you know, we need a Fed Chair who is independent. That's the only way that we preserve the independence of the Federal Reserve.

Warsh: I agree.

Warren: If you can't answer these questions, you don't have the courage and you don't have the independence.

Warsh: I agree with you on independence, Senator.

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Original text here: https://www.banking.senate.gov/newsroom/minority/at-hearing-kevin-warsh-refuses-to-say-trump-lost-the-2020-election-fails-to-answer-questions-on-undisclosed-100-million-wealth