Warsh’s departure will leave a gap at the Fed

By Laurie Bennett

March 15, 2011 at 9:38am

When Kevin Warsh leaves the Federal Reserve later this month, the central bank will lose its strongest tie to fiscal conservatives and one of its richest members.

As the Wall Street Journal writes today, it will also lose the last member of Fed Chairman Ben Bernanke’s inner circle during the 2008 financial crisis.

Warsh, now 40, was the youngest person ever named to the Fed when he joined in 2006.

At that point, he had already served as executive secretary of the National Economic Council and as special assistant for economic policy to President George W. Bush.

Kevin Warsh
Kevin Warsh

He is married to Jane Lauder, daughter of Ronald Lauder, of the immensely wealthy Estee Lauder family.

Ronald Lauder is a former deputy assistant secretary of state and ambassador to Austria. He’s currently president of the World Jewish Congress.

Clearly, influential ties haven’t hurt Warsh’s career, but he has drawn high marks for his intelligence and knowledge of the markets. As The New York Times notes, Warsh, a former M&A specialist at Morgan Stanley, played a key role in shaping the response to the 2008 financial crisis.

In November, Warsh wrote an op-ed for the Wall Street Journal, expressing doubts about the Fed’s $600 billion bond-buying plan.

His Fed term does not expire until 2018. Warsh is expected to return to the private sector.

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  • #1.   Joe 03.15.2011

    Yes, there is a gap, but it won’t be hard to fill. There are plenty of others out there who lack any formal training in economics and whose families have contributed significant $ to the campaigns of the GOP.

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