Kevin Warsh, Fellow in Economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017.
Brendan McDermid | Reuters
The expected nomination hearing for Federal Reserve chair candidate Kevin Warsh has been delayed, a person familiar with the matter told CNBC on Thursday evening.
Warsh had been set to appear before the Senate Banking Committee on April 16. That won’t happen, but the hearing is still expected soon, the person said, requesting anonymity as the details have not been made public by the committee.
The committee’s rules require it to give a week’s notice before the hearing is held, and first it needs to collect paperwork from the nominee, including financial disclosures. The Banking Committee has yet to receive Warsh’s paperwork, three people familiar with the Senate process said.
The committee has not formally notified the hearing. The deadline for doing so is Thursday.
Warsh’s finances may be especially complicated. He is married to Estée Lauder cosmetics heir Jane Lauder, whose net worth is estimated at $1.9 billion, according to Forbes.
Financial disclosures filed in 2006 when Warsh was nominated for an earlier stint at the Fed listed nearly 1,200 assets, overwhelmingly held by his wife. Since leaving the Fed in 2011 he has spent 15 years working for investor Stanley Druckenmiller’s family office, where he led venture investments into tech firms including Palantir.
President Donald Trump announced Warsh’s nomination in January, succeeding Chair Jerome Powell, whose term as the Fed’s top official expires May 15.
National Economic Council Director Kevin Hassett said in an interview to Fox Business Thursday that he was “highly confident” Warsh will be in place by the end of Powell’s term as chair.
While the Trump administration appears confident about Warsh’s confirmation, it will be difficult for him to advance beyond a hearing unless Sen. Thom Tillis, R-N.C., backs off his opposition. Tillis is refusing to vote for any Fed nominees until the Department of Justice drops a criminal probe into Powell. Tillis and Powell have called that investigation a political campaign to undermine the Fed’s independence.
U.S. Attorney for the District of Columbia Jeanine Pirro told CNBC Wednesday that she plans to move forward with the investigation. That leaves Warsh’s path beyond the hearing unclear.
Punchbowl earlier reported the delay to Warsh’s hearing.