Politics & Policy

Feds Next Boss After May 15

I’ve been keeping an eye on the news about the Fed's leadership changes. Jerome Powell is set to finish his time as chair on May 15, 2026, and Kevin Warsh is the one Trump tapped to step in. Warsh has a Senate hearing coming up next week, but right now everyone is talking about his financial filings, which revealed some pretty massive wealth.

The Washington Post is already asking who will actually be calling the shots after May 15. There’s definitely a bit of a power struggle forming between the Trump administration and the Fed. Meanwhile, CNBC has been digging through Warsh’s financial disclosures; they’re calling his fortune 'vast' and noting it makes what previous chairs like Powell have look like pocket change. Politico confirmed the hearing is set for next Tuesday, and both NBC News and Reuters are estimating his assets are north of $100 million, mostly tied up in various funds and consulting work.

Everything is moving on a really tight schedule right now. Even though Powell’s term as governor goes until 2028, meaning he could technically stay on the board, Trump is clearly pushing for a more hawkish stance on interest rates. Things are getting bogged down, though; between the required financial disclosures and a DOJ probe into Powell, some Republican senators like Thom Tillis are still on the fence. According to Punchbowl News, there’s a massive scramble to get these hearings done before time runs out.

Warsh’s financial filings show he’s playing in a different league. He has stakes in Juggernaut Fund LP worth more than $50 million a piece, and his consulting work for Duquesne Family Office brought in another $10.2 million. On top of that, he cleared $1.5 million just from speaking fees. His portfolio is also heavy on tech and crypto, with positions in AI startups like Hebbia and platforms like Blast and Polymarket. Of course, the real weight comes from his wife, Jane Lauder; her Estée Lauder holdings put billions on the family books. Looking at Jerome Powell’s $19.5 million, which is mostly just index funds, the contrast is pretty staggering.

The media coverage depends entirely on who you’re reading. The Washington Post is mostly worried about the potential power vacuum, while CNBC is fixated on the money, pointing out that Warsh would be the wealthiest Fed chair in history. Politico is sticking to the procedural side of things, like when the hearings are happening and what’s in the filings. NBC and Reuters are just reporting the raw numbers, putting his worth north of $100 million without much editorializing. So far, no one is shouting about ethics violations, mainly because Warsh has already promised to sell off his major holdings if he gets the job.

Most outlets are reporting the same basic facts, but the way they're spinning things varies quite a bit. The business press is really zeroing in on what Warsh’s history with crypto and AI means for the markets, while the political coverage focuses more on the coming battles over Fed independence. Nobody is willing to bet on whether he’ll actually be confirmed yet, but the deadline is looming. People always seem to get worked up over central bank drama; I'm just looking at where the stories don't line up and letting the facts speak for themselves.

Feds Next Boss After May 15

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