Loading ...Kevin Maxwell Warsh (born April 13, 1970), is a Jewish-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]
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]
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]
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]