Federal Reserve Chair Kevin Warsh has disclosed a series of financial transactions involving his wife's investments in a pet-care-focused firm, according to records released Wednesday by the U.S. Office of Government Ethics (OGE).
The filings show six equity and warrant purchases in TAW LLC, made in August and September, with a combined value ranging from $400,000 to $900,000. A Fed spokesperson confirmed to The Hill that the transactions were executed by Warsh's wife, Jane Lauder, and noted that central bank officials are required to report spousal trades.
The disclosure forms detail four purchases of equity and a warrant, along with two purchases of future equity and a warrant. Multiple OGE officials approved the transactions, the records state.
Lauder, the billionaire daughter of businessman and diplomat Ronald Lauder, founded TAW Ventures after her goldendoodle, Thaddeus, experienced what she described on the company's website as "a series of unexplained episodes." She attributed the issues to a common preventive medication prescribed by veterinarians and said that after removing it, Thaddeus returned to good health.
TAW Ventures' portfolio includes dog food and treat companies, a pet medicine firm, and a veterinary dental practice. The equity and warrant purchases in TAW LLC covered investments in multiple companies within that portfolio, according to the ethics forms.
Warsh, who became Fed chair in May after President Trump nominated him to replace Jerome Powell, is the wealthiest central bank chief in history. Ahead of his April confirmation hearing, he reported assets between $131 million and $209 million to the OGE.
The Fed tightened its ethics rules in 2022 following a wave of disclosures about stock trades by senior officials. Under current guidelines, top policymakers are barred from buying individual stocks or sector funds, though they may hold diversified investments and certain other assets.
The disclosure comes as Warsh navigates the central bank's dual mandate amid ongoing political scrutiny of Fed officials' financial activities. The OGE records did not indicate any conflict of interest, and the approvals suggest the transactions complied with existing regulations.
