ToplinePresident Donald Trump told CNBC he will be disappointed if Kevin Warsh, his pick to replace Federal Reserve Chair Jerome Powell, does not cut rates as soon as he is nominated, as Warsh prepares for a highly anticipated Senate hearing Tuesday.Photographer: Allison Robbert/The Washington Post/Bloomberg© 2026 Bloomberg Finance LPKey FactsWhen asked whether he would be disappointed if his Fed chair pick doesn’t cut rates right away, President Trump replied that he would be, in a Tuesday morning interview with CNBC. Warsh, the 56-year-old former Federal Reserve governor, faces his confirmation hearing Tuesday, where he’s expected to be pressed over his financial assets worth over $100 million and his views on monetary policy. Sen. Elizabeth Warren (D-Mass.) told reporters outside the hearing room before the hearing began that Democrats would be asking Warsh about his ties to late sex offender Jeffrey Epstein as his name appears in the publicly disclosed Epstein files. The confirmation hearing comes during a Justice Department probe into Powell over alleged false statements about a $2.5 billion renovation of the Fed’s headquarters—an investigation which was halted last month by a federal judge who wrote that there was “abundant” evidence that the probe was designed to “harass and pressure” Powell into stepping down or giving in to Trump’s interest rate policies. U.S. Attorney Jeanine Pirro said the Justice Department will file an appeal—which has yet to be filed—to the “outrageous” ruling and has until May 3 to decide whether to continue the investigation. Senator Thom Tillis has vowed to block the nomination in committee until the Justice Department drops its criminal investigation into Powell—without Tillis, Republicans will not have all the votes needed.Powell's term expires May 15, and he has said he'll stay on as chair temporarily until a successor is confirmed.Key BackgroundIn 2006, Warsh was the youngest person ever to be appointed to the Federal Reserve's Board of Governors when George W. Bush tapped him at age 35. Prior to his Fed governor role, Warsh spent years as a Morgan Stanley banker and then joined the Bush White House in 2002 as executive secretary of the National Economic Council. During the 2008 financial crisis, he played a role in the Bush administration's rescue of insurer AIG and helped broker JPMorgan's takeover of Bear Stearns, the 85-year-old brokerage that went under as Wall Street's investment banking model came apart. Warsh stepped down from the Fed in 2011 and moved on to the Duquesne Family Office and the Hoover Institution. He was also a finalist for the Fed chair job in 2017 before Trump ultimately chose Powell. During his Fed stint, Warsh was known to be an inflation hawk, pushing to raise rates after the 2008 crisis to head off an inflation threat that never materialized. Now he's flipped, arguing the Fed should cut rates even with tariffs and the Iran war pushing prices higher. Warsh has taken repeated shots at Powell over the past year, arguing that Trump had a "right to be frustrated" with Powell's reluctance to cut rates more aggressively. He's also criticized the institution itself for straying beyond its core mandate—wading into climate research, equity initiatives and other areas he argues are outside the Fed's role.TangentWarsh is poised to be the wealthiest Fed chair in history if confirmed. On April 14, Warsh disclosed with the Office of Government Ethics financial assets worth between $135 million to $226 million, excluding holdings from his billionaire wife, Jane Lauder. Powell disclosed wealth up to $75 million last year and was believed to be the richest person in the position since at least 1948. The most scrutinized holdings are two positions in the Juggernaut Fund, each listed at "over $50 million," tied to his consulting work at billionaire Stanley Druckenmiller's Duquesne Family Office. Warsh has declined to reveal what's actually inside them, citing "pre-existing confidentiality agreements." That opacity alone accounts for more than $100 million of his net worth and prompted the Office of Government Ethics to flag him as out of compliance with federal ethics rules. Warren said Warsh is "the first Fed nominee not to be in compliance with ethics rules, and the first Trump nominee in this term, not to be in compliance with ethics rules." Beyond Juggernaut, Warsh holds a direct stake in Elon Musk's SpaceX—a company gearing up for a potential record-breaking IPO that the Fed could influence through monetary policy—and exposure to Polymarket, the blockchain-based prediction market currently under regulatory scrutiny from U.S. authorities. He also has an extensive crypto footprint with investments in assets including cryptocurrency Solana, crypto venture firm Polychain and Bitcoin trading platform Flashnet—a sector which the Fed helps regulate. He also sits on the boards of UPS and South Korean e-commerce giant Coupang, positions he has pledged to resign. His disclosed assets do not include his wife Jane Lauder's estimated $1.9 billion Estée Lauder fortune. Warsh has pledged to divest sensitive holdings within 90 days of confirmation.