Kevin Warsh

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Kevin Warsh
Kevin Warsh, Federal Reserve photo portrait.jpg
Personal details
Born Kevin Maxwell Warsh
(1970-04-13) April 13, 1970 (age 46)
Albany, New York U.S.
Political party Republican
Spouse(s) Jane Lauder
Alma mater Stanford University (BA)
Harvard University (JD)

Kevin Maxwell Warsh (born April 13, 1970), is an American financier, lawyer, government official and academic.[1][2] During and in the aftermath of the 2008 financial crisis, Warsh was a governor of the Federal Reserve System, and acted as the central bank's primary liaison to Wall Street.[3] He is a distinguished visiting fellow at Stanford University's Hoover Institution, a member of the Group of Thirty, and a former steering committee member of the Bilderberg Group.[4]

Early life[edit]

Warsh was born in Albany, New York, and grew up nearby, attending Shaker High School in Latham. He received a BA in public policy from Stanford University in 1992 with a concentration in economics and political science. He went on to study law at Harvard Law School and received a JD (cum laude) in 1995. He also took coursework in market economics and debt capital markets at Harvard Business School and the MIT Sloan School of Management.[5]

Career[edit]

From 1995 to 2002, Warsh worked for Morgan Stanley in New York City, rising to vice president and executive director in the company's mergers and acquisitions department.[6][7]

From 2002 to 2006, Warsh was Special Assistant to the President for Economic Policy, and Executive Secretary of the National Economic Council. His primary areas of responsibility included domestic finance, banking and securities regulatory policy, and consumer protection He advised the President and senior administration officials on issues related to the U.S. economy, particularly fund flows in the capital markets, securities, banking, and insurance issues. Warsh participated in the President's Working Group on Financial Markets and served as the administration's chief liaison to the independent financial regulatory agencies.[6]

Federal Reserve Board[edit]

President Bush nominated Warsh and Randall Kroszner to fill two Fed vacancies on January 27, 2006. Warsh's nomination drew some criticism, based on his age and inexperience. At 35 years old, Warsh was the youngest appointment in the history of the Federal Reserve. At the time, former Fed vice chairman Preston Martin said Warsh's nomination was "not a good idea" and that if he had a voice in the Senate, he would vote no.[8] However, Warsh impressed colleagues, especially Fed Chairman Ben Bernanke, with his insights and political savvy,[9] and he played a significant role in navigating the financial market turmoil of 2007 and 2008.[10]

He took office on February 24, 2006 to fill an unexpired term ending January 31, 2018.[11][12]

Warsh announced his intent to resign from the Board in a letter sent to President Obama on February 10, 2011, effective around or on March 31, 2011.[3][13][14]

Post-FRB career[edit]

Warsh is a distinguished visiting fellow at the Stanford University;s Hoover Institution and a lecturer at the Stanford Graduate School of Business.[15]

He is also a member of the board of directors at UPS.[16]

Personal life[edit]

In 2002, Warsh married Jane Lauder, a granddaughter and heiress of Estée Lauder. The couple lives in Manhattan.[17] Jane was general manager of Origins, an Estée Lauder company, as of a 2008 report.[18]

In 2009, Warsh was named to Fortune Magazine's "40 under 40".[19]

His sister Kate Warsh is meteorologist Alexandra Steele, who has appeared on The Weather Channel and CNN.[20][21]

References[edit]

  1. ^ "Members of the Board of Governors: Kevin M. Warsh". The Federal Reserve Board. Archived from the original on 10 March 2006. Retrieved 5 January 2016. 
  2. ^ Hearst Newspapers (29 March 2006). "New Fed governor is just 35". The Baltimore Sun. Retrieved 6 January 2016. 
  3. ^ a b Chan, Sewell (10 February 2011). "Kevin Warsh to Resign From Fed's Board of Governors". The New York Times. Retrieved 5 January 2016. 
  4. ^ "Former Steering Committee Members". Bilderberg Group. Retrieved 8 February 2014. 
  5. ^ Gemperlein, Joyce (November 2007). "November/December 2007 Spotlight: Kevin M. Warsh, '92 The Governor Is In". Stanford Magazine. Retrieved 5 January 2016. 
  6. ^ a b Lublin, Joann S.; Hilsenrath, Jon (8 January 2009). "Fed Moves Closer to Picking Geithner's Successor". The Wall Street Journal. Retrieved 5 January 2016. 
  7. ^ Lattman, Peter (16 February 2006). "Kevin Warsh Has Got It Going On". The Wall Street Journal - Law Blog. Retrieved 5 January 2016. 
  8. ^ Benjamin, Matthew; Murray, Brendan (13 February 2006). "Questions are raised on Bush pick for Fed". International Herald Tribune. Marketplace by Bloomberg. Retrieved 6 January 2016. (subscription required)
  9. ^ Ip, Greg (31 October 2007). "Bernanke, in First Crisis,Rewrites Fed Playbook". The Wall Street Journal. Retrieved 6 January 2016. 
  10. ^ Ip, Greg (30 May 2008). "Fed's Fireman On Wall Street Feels Some Heat". The Wall Street Journal. Retrieved 6 January 2016. 
  11. ^ "Bush Names 2 to Fill Fed Board Seats". The New York Times. The Associated Press. 28 January 2006. Retrieved 6 January 2016. 
  12. ^ "Senate OKs Fed, economic adviser nominations". NBC News. The Associated Press. 17 February 2006. Retrieved 6 January 2016. 
  13. ^ "Kevin M. Warsh - Resignation" (PDF). Board of Governors of the Federal Reserve. 10 February 2011. Retrieved 6 January 2016. 
  14. ^ Censky, Annalyn (10 February 2011). "Fed official Kevin Warsh resigns". CNN Money. Retrieved 6 January 2016. 
  15. ^ "Kevin M. Warsh: Shepard Family distinguished Visiting Fellow in Economics". Hoover Institution. Retrieved 6 January 2016. 
  16. ^ Luther, Justin (26 July 2012). "UPS Board Names Economic Expert Kevin Warsh A Director". United Parcel Service. Retrieved 6 January 2016. 
  17. ^ Toy, Vivian S. (20 May 2010). "Jane Lauder Apartment for Sale". The New York Times. Retrieved 5 January 2016. 
  18. ^ Trower, Alexandra; D'Andrea, Dennis (3 June 2008). "Jane Lauder Named Senior Vice President, General Manager of Origins, The Estee Lauder Companies Inc.". Reuters. Retrieved 6 January 2016. 
  19. ^ "40 under 40: 20. Kevin Warsh". Fortune. 2009. Retrieved 6 January 2016. 
  20. ^ Neumaier, Joe (6 August 2007). "It's getting hot in here". New York Daily News. Retrieved 6 January 2016. 
  21. ^ "AMS List of TV Seal Holders". American Meteorological Society. Retrieved 6 January 2016. K. Alexandra Warsh (Alexandra Steele) [1096] - stage name is in quotes 

Further reading[edit]

Writings[edit]

Federal Reserve[edit]

External links[edit]