Kevin Warsh
Encyclopedia
Kevin Maxwell Warsh was a member of the Board of Governors of the Federal Reserve System
. He took office on February 24, 2006 to fill an unexpired term ending January 31, 2018 and resigned his position effective March 31, 2011. He is the youngest appointee in Federal Reserve history. He is currently a distinguished visiting fellow at Stanford University
's Hoover Institution
.
, and grew up near Albany, attending Shaker High School
in Latham
. He received a B.A.
in public policy
(with honors) 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 J.D.
(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
.
in New York City, ultimately becoming a Vice President and Executive Director in the company's Mergers and Acquisitions Department.
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.
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. However, Warsh impressed colleagues, especially Fed Chairman
Ben Bernanke
, with his insights and political savvy, and he has played a significant role in navigating the financial market turmoil of 2007 and 2008.
Warsh announced his intent to resign from his position on the Board of Governors in a letter sent to President Obama on February 10, 2011. The letter states that he was to resign around or on March 31, 2011. http://www.federalreserve.gov/newsevents/press/other/other20110210a1.pdf
(currently General Manager of Origins
, an Estée Lauder company
).
In 2009, Warsh was named to Fortune Magazine's "40 under 40"
.
His sister Kate appears on the Weather Channel where she is known as "Alexandra Steele".
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
. He took office on February 24, 2006 to fill an unexpired term ending January 31, 2018 and resigned his position effective March 31, 2011. He is the youngest appointee in Federal Reserve history. He is currently a distinguished visiting fellow at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
's Hoover Institution
Hoover Institution
The Hoover Institution on War, Revolution and Peace is a public policy think tank and library founded in 1919 by then future U.S. president, Herbert Hoover, an early alumnus of Stanford....
.
Early life and education
Warsh was born in Albany, New YorkAlbany, New York
Albany is the capital city of the U.S. state of New York, the seat of Albany County, and the central city of New York's Capital District. Roughly north of New York City, Albany sits on the west bank of the Hudson River, about south of its confluence with the Mohawk River...
, and grew up near Albany, attending Shaker High School
Shaker High School
Shaker High School is a public high school in Latham, Albany County, New York, and is part of the North Colonie Central School District. , it has an enrollment of over 2100 students. In 1985, it was recognized as an Exemplary School by the United States Department of Education, one of the first to...
in Latham
Latham, New York
Latham is a hamlet in Albany County, New York, United States. It is located along U.S. Route 9 in the town of Colonie, a dense suburb north of Albany.-History:...
. He received a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in public policy
Public policy (law)
In private international law, the public policy doctrine or ordre public concerns the body of principles that underpin the operation of legal systems in each state. This addresses the social, moral and economic values that tie a society together: values that vary in different cultures and change...
(with honors) from Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
in 1992 with a concentration in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and political science
Political science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
. He went on to study law at Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
and received a J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
(cum laude) in 1995. He also took coursework in market economics and debt capital markets at Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
and the MIT Sloan School of Management
MIT Sloan School of Management
The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts....
.
Career
From 1995 to 2002, Warsh worked for Morgan StanleyMorgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
in New York City, ultimately becoming a Vice President and Executive Director in the company's Mergers and Acquisitions Department.
From 2002 to 2006, Warsh was Special Assistant to the President for Economic Policy, and Executive Secretary of the National Economic Council
National Economic Council
The National Economic Council of the United States is the principal forum used by the President of the United States for considering economic policy matters, separate from matters relating to domestic policy, which are the domain of the Domestic Policy 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.
President Bush nominated Warsh and Randall Kroszner
Randall Kroszner
Randall S. Kroszner, Ph.D. is a former member of the Board of Governors of the Federal Reserve System of the United States. He took office on March 1, 2006 to fill an unexpired term, and stepped down on January 21, 2009. Now Kroszner is Norman R...
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
Preston Martin
Dr. Preston Martin was an American banker and public official best known as the Vice Chairman of the Federal Reserve Board between 1982 and 1986. -Education:...
said Warsh's nomination was "not a good idea" and that if he had a voice in the Senate, he would vote no. However, Warsh impressed colleagues, especially Fed Chairman
Chairman of the Federal Reserve
The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chairman of the Fed," or in market circles "Fed Chairman" or "Fed Chief"...
Ben Bernanke
Ben Bernanke
Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....
, with his insights and political savvy, and he has played a significant role in navigating the financial market turmoil of 2007 and 2008.
Warsh announced his intent to resign from his position on the Board of Governors in a letter sent to President Obama on February 10, 2011. The letter states that he was to resign around or on March 31, 2011. http://www.federalreserve.gov/newsevents/press/other/other20110210a1.pdf
Personal life
In 2002, Warsh married Jane Lauder, a granddaughter and heiress of Estée LauderEstée Lauder (person)
Estée Lauder was an American businesswoman who was the co-founder, along with her husband Joseph Lauder, of Estée Lauder Companies, a pioneering cosmetics company. Lauder was the only woman on TIME magazine's 1998 list of the 20 most influential business geniuses of the 20th century. She was the...
(currently General Manager of Origins
Origins (cosmetics)
Origins is a cosmetics brand from USA, founded in 1990 by Leonard Lauder, son of Estee Lauder. It is one of the original brands of The Estee Lauder Companies, meaning that it was created by the Lauder family, not obtained through an acquisition or buy-out.The company is known for their natural...
, an Estée Lauder company
Estée Lauder Companies
Estée Lauder Companies, Inc. is a manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products. The company has its headquarters in Midtown Manhattan, New York City.-History:...
).
In 2009, Warsh was named to Fortune Magazine's "40 under 40"
40 under 40 (Fortune Magazine)
Fortune Magazine's 40 under 40 List details the young stars in business across the globe.Mark Zuckerberg topped the 2011 list. Facebook now has over 800 million users.-External links:***...
.
His sister Kate appears on the Weather Channel where she is known as "Alexandra Steele".
External links
- Kevin Warsh biography at Federal Reserve SystemFederal Reserve SystemThe Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...