The Steady Drip: Trump Picks Kevin Warsh as New Federal Reserve Chair (Connecting the Dots: Federal Reserve, Jerome Powell, Ben Bernanke, Kevin Warsh, his wife Jane Lauder, Estee Lauder Companies Inc. & Soros Funding, All Networking)

Trump Picks Kevin Warsh as New Federal Reserve Chair (Connecting the Dots: Federal Reserve, Jerome Powell, Ben Bernanke, Kevin Warsh, his wife Jane Lauder, Estee Lauder Companies Inc. & Soros Funding, All Networking)

Warsh was one of Trump’s top picks for Fed chair during his first term, before he chose Jerome Powell.

The Epoch Times

Andrew Moran

1/30/2026|Updated: 1/30/2026

Kevin Warsh (L), Former Member of Federal Reserve Board of Governors at The Semafor 2024 World Economy Summit in Washington on April 18, 2024. Tasos Katopodis/Getty Images for Semafor

https://www.theepochtimes.com/us/trump-picks-kevin-warsh-as-new-federal-reserve-chair-5978445

President Donald Trump said on Jan. 30 that former Federal Reserve Governor Kevin Warsh will be the next head of the U.S. central bank.

“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump wrote in a Jan. 30 post on Truth Social.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”

The president, speaking to reporters in the Oval Office on Jan. 30, said he did not ask Warsh to lower interest rates, though they did discuss it.

“I think it’s inappropriate,” Trump said.

“He certainly wants to cut rates. I’ve been watching him for a long time.”

While the new chair will be just one vote, Trump believes other officials will change their minds and support cutting interest rates.

“If they respect the Fed chairman, they’ll be with us all the way,” Trump told reporters on Jan. 29 during the premiere of “Melania,” the film about first lady Melania Trump.

Warsh worked as special assistant to the president for economic policy during the Bush administration, from 2002 to 2006. He was also the executive secretary of the National Economic Council.

Described as a hard-money hawk, Warsh was nominated to the Federal Reserve Board of Governors in January 2006 and served under Fed Chair Ben Bernanke. He stepped down from his position in early 2011.

Warsh was also one of Trump’s top picks for Fed chair during his first term, before he chose Jerome Powell.

The search for Powell’s replacement started this past fall with 11 candidates. The list narrowed to a handful of contenders, with the final four being Warsh, National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder, and Fed Gov. Christopher Waller.

For weeks, prediction markets had overwhelmingly expected Hassett to be named as Powell’s successor. However, Warsh catapulted to the top when Trump suggested he could not have Hassett leave the White House. Then, following flattering comments about the Wall Street veteran at the World Economic Forum, Rieder rocketed to the top.

After the president revealed to the press that he would announce his pick on Jan. 30, Warsh became the odds-on favorite.

Warsh has expressed support for the administration’s economic agenda, suggesting the Fed should lower interest rates and shrink the balance sheet.

Monetary policymakers voted 10–2 at the January Federal Open Market Committee meeting to leave interest rates unchanged at a range of 3.5 percent to 3.75 percent. The Fed has also reduced its balance sheet, though it halted its quantitative tightening cycle late last year.

Additionally, he has been vocal about implementing policy and personnel reforms at the 113-year-old institution.

In a July 17 interview with CNBC’s “Squawk Box,” Warsh called for sweeping changes to how the Fed operates, going so far as to advocate for a policy alliance with the Treasury Department.

“We need regime change in the conduct of policy,” he said last summer. “The credibility deficit lies with the incumbents that are at the Fed, in my view.”

Powell has disagreed with suggestions that the Fed needs to overhaul its policy-making apparatus.

Speaking at his post-meeting press conference on Jan. 28, Powell stated the idea “doesn’t make sense.”

“If it’s a question of using better models, bring them on. Where are they? We’ll take them,” Powell said. “But I think we certainly are in contact with anybody who does economic modeling, and we’re always looking to do better at that.”

The current central bank chief’s term expires in May, but Powell will still have a seat on the Fed Board of Governors until January 2028.

Finding His Footing

The U.S. stock market initially slumped following the president’s decision.

Mark Malek, CIO at Siebert Financial, said the uncertainty of what lies ahead at the Federal Reserve could be the underlying cause behind the sea of red ink on Wall Street.

“Markets hate uncertainty far more than they hate high rates, low rates, or even bad data,” Malek said in a note emailed to The Epoch Times.

It is not necessarily about whether Warsh will raise rates or cut them within his first year at the Fed, he said.

“It’s about the market suddenly having to re-anchor its expectations around a Fed that might look, sound, and behave very differently from the one investors have grown used to over the past decade and a half,” Malek added.

“When regimes change, multiples wobble. When narratives change, positioning gets sloppy.”

While Warsh has proposed policy reforms at the institution, the immediate goal should be to maintain confidence in the Fed, according to Northlight Asset Management CIO Chris Zaccarelli.

“At the end of the day, so much of financial markets—and even the economy—are built on confidence and the most important thing Kevin Warsh can do in his new role is maintain (and if possible, improve) the confidence that investors have in the institution of the Federal Reserve Bank,” Zaccarelli said in a note emailed to The Epoch Times.

But the road to confirmation may be challenging for Warsh.

Sen. Thom Tillis (R-N.C.) reaffirmed his commitment to opposing the confirmation of Trump’s Fed nominee, citing the Department of Justice’s inquiry into the central bank.

“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy,” Tillis said in a Jan. 30 statement on X.

“Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable.”

He will only support the Fed nominee when the federal probe is “fully and transparently resolved.”

House Committee on Financial Services Chairman French Hill (R-Ark.) congratulated Warsh, calling him a “qualified nominee.”

“With his service as member of the Federal Reserve Board of Governors, combined with his decades of academic and financial market experience, Kevin Warsh brings a clear understanding of the responsibilities of the Fed, and I congratulate him on his nomination,” Hill said in a statement.

“He has demonstrated a commitment to fighting inflation and to keeping prices in check for American families and am pleased that President Trump put forward such a qualified nominee.”

Kevin M. Warsh

Former Member of the Board of Governors of the Federal Reserve System, Distinguished Visiting Fellow, Hoover Institution Stanford University

https://about.ups.com/us/en/our-company/leadership/kevin-m-warsh.html

Independent Director since: 2012

Board Committees

· Compensation and Human Capital

· Nominating and Corporate Governance

Select Skills and Experiences

· Financial Expertise: As a member of the Federal Reserve’s board, Kevin focused on financial and economic developments and monetary policies. In this position, he played a significant role in navigating the global financial crisis in 2008. In his earlier career, he was a member of the M&A team at Morgan Stanley, developing strong expertise in financial analysis and strategic growth initiatives.

· Risk / Compliance / Government: Kevin served as a special assistant to President George W. Bush for economic policy and as executive secretary at the National Economic Council. During his time at the White House, he advised the President and senior administration officials on issues related to the U.S. economy, capital markets, securities, banking, and insurance issues.

· Geopolitical Risk: During Kevin’s time as a member of the Federal Reserve board, he served as the Fed’s representative to the Group of Twenty (G-20), consisting of the world’s largest 20 economies, and as the Fed’s emissary to the emerging and advanced economies in Asia. Additionally, Kevin is broadly recognized as an expert in global monetary policy and international financial markets, including in his current role as a Distinguished Visiting Fellow in Economics at the Hoover Institution.

Professional Highlights

Stanford University

· Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, a public policy think tank (since 2012)

· Dean’s Visiting Scholar and lecturer at the Graduate School of Business (since 2011)

Duquesne Family Office LLC, the investment firm of Stanley F. Druckenmiller

· Advisor / Partner (since 2011)

Federal Reserve Board of Governors

· Member (2006-2011)

The White House Administration of President George W. Bush

· Special Assistant for Economic Policy and Executive Secretary of the National Economic Council (2002-2006)

Morgan Stanley & Co., a leading global financial services firm

· VP and Executive Director of Mergers and Acquisitions (1995-2002)

Public Board Directorships

· Coupang, Inc. (since 2019)

Other Notable Affiliations

· Group of Thirty (G30)

· Congressional Budget Office, Panel of Economic Advisers

Jane Lauder

https://en.wikipedia.org/wiki/Jane_Lauder

Career

The Estée Lauder Companies Inc. was founded in 1946 by Estée Lauder and her husband Joseph, with a focus on beauty products and a drive for success.

The third generation, including William, Aerin, and Jane, are actively involved in the company's leadership,[1] with Jane Lauder joining the family business in 1996. In 2013, she was promoted to global president and general manager of Estée Lauder's Origins, Darphin, and Ojon brands.[2][4] She is an executive vice president and chief data officer at Estée Lauder,[5] where she also runs the company's Clinique unit, a skincare line frequently sold in malls.[5]

She has been a member of Estée Lauder's board of directors since 2009 and also serves on the board of Eventbrite.

Personal life

She is married to Kevin Warsh, whom she met at Stanford, and who was appointed Federal Reserve Chair by President Trump having been a former governor and youngest-ever appointee[5] of the U.S. Federal Reserve System.[6] The couple lives in Manhattan.

Connecting the Dots:

Kevin M. Warsh is nominated by Donald Trump to be the Chairman of the Federal Reserve System, a director at the United Parcel Service, Inc. (UPS), a member of the Group of Thirty (G30), married to Jane Lauder, was a member of the Federal Reserve Board and a member of the Federal Open Market Committee.

Stuart E. Eizenstat was a director at the United Parcel Service, Inc. (UPS) and a trustee at the Committee for Economic Development.

Victor A. Pelson was a director at the United Parcel Service, Inc. (UPS) and a trustee at the Committee for Economic Development.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

Letitia James is the chair for the Committee on Economic Development and the Attorney General of New York.

Bill & Melinda Gates Foundation was a funder for the Committee for Economic Development.

Thomas P. Gerrity is a trustee at the Committee for Economic Development and was a director at Fannie Mae.

Kenneth M. Duberstein was a VP for the Committee for Economic Development and a director at Fannie Mae.

James A. Johnson is a trustee at the Committee for Economic Development, received five real-estate loans from the Countrywide Financial Corporation and was the chairman for Fannie Mae.

Franklin D. Raines was a mortgage recipient from the Countrywide Financial Corporation and the CEO for Fannie Mae.

Homeownership Alliance is a trade groups organization, an advocacy group for Fannie Mae and an advocacy group for Freddie Mac.

Richard H. Davis was the president of the Homeownership Alliance and is a trustee at the Committee for Economic Development.

Roger W. Ferguson Jr. is a co-chairman for the Committee for Economic Development and was the vice chairman for the Federal Reserve Board.

Lisa Cook is a member of the Federal Reserve Board and a board of directors of the Federal Reserve Bank of Chicago.

Carl T. Camden is a director, Detroit branch for the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

Jeffrey A. Joerres is a director at the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

William J. McDonough is a trustee at the Committee for Economic Development and was the president & CEO for the Federal Reserve Bank of New York.

Peter G. Peterson is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

John E. Sexton is a trustee at the Committee for Economic Development, was the chairman for the Federal Reserve Bank of New York and the chair Council of Chairs for the Federal Reserve System.

Lee C. Bollinger is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

Kenneth M. Duberstein was a VP for the Committee for Economic Development, is the chairman for the Harvard University Institute of Politics and a trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Committee for Economic Development and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

C. Douglas Dillon was the chairman for the Brookings Institution (think tank) and an overseer at Harvard University.

Henry Louis Gates Jr. is a professor at Harvard University and an honorary trustee at the Brookings Institution (think tank).

Paul E. Peterson is a professor at Harvard University and was a director of governmental studies at the Brookings Institution (think tank).

Ann M. Fudge was an overseer at Harvard University and is a trustee at the Brookings Institution (think tank).

John C. Whitehead was the chairman for Harvard University and is an honorary trustee at the Brookings Institution (think tank).

Harold H. Koh was an overseer for Harvard University, the State Department legal adviser for the Barack Obama administration and a trustee at the Brookings Institution (think tank).

Herbert M. Kaplan is a board of fellow’s member for Harvard Medical School and an honorary trustee at the Brookings Institution (think tank).

Cass R. Sunstein is a professor at Harvard Medical School and a senior fellow at the Brookings Institution (think tank).

Lynn Bendheim Thoman is a board of fellow’s member for Harvard Medical School and a trustee at the Brookings Institution (think tank).

Howard E. Cox Jr. is a board of fellow’s member for Harvard Medical School and a trustee at the Brookings Institution (think tank).

Harold H. Koh was an overseer at Harvard University, a developments editor for the Harvard Law Review, the State Department legal adviser for the Barack Obama administration and a trustee at the Brookings Institution (think tank).

Lawrence H. Summers was a professor; former president for Harvard University, a trustee at the Brookings Institution (think tank), the National Economic Council chairman for the Barack Obama administration, is a member of the Group of Thirty (G30) and a director at the ONE Campaign.

Summers Withdraws From Group of 30 Amid Epstein Scrutiny

By Dhruv T. Patel and Cam N. Srivastava, Crimson Staff Writers

November 22, 2025

https://www.thecrimson.com/article/2025/11/22/summers-g30/

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society.

Timothy F. Geithner was a member of the Group of Thirty (G30), the treasury secretary for the Barack Obama administration and an overseer at the International Rescue Committee.

International Rescue Committee is a partner with the ONE Campaign.

Sally Susman is a director at the International Rescue Committee, a governor at the Alzheimer's Drug Discovery Foundation and was the EVP for the Estee Lauder Companies Inc.

Jane Lauder is the Global President and General Manager of the Estée Lauder Companies, married to Kevin Warsh and Ronald Lauder’s daughter.

Irvine O. Hockaday Jr. is a director at the Estee Lauder Companies Inc. and was a lifetime trustee at the Aspen Institute (think tank).

Paul A. Volcker was a lifetime trustee at the Aspen Institute (think tank), the chairman emeritus for the Group of Thirty (G30), the president of the Federal Reserve Bank of New York and the chairman for the Federal Reserve Board.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Henry A. Kissinger was a lifetime trustee at the Aspen Institute (think tank) and a trustee emeritus at the Metropolitan Museum of Art.

David H. Koch is a trustee at the Aspen Institute (think tank), a trustee at the Metropolitan Museum of Art and a 740 Park Avenue, New York resident.

Ronald S. Lauder is a trustee at the Metropolitan Museum of Art, a 740 Park Avenue, New York resident, a co-chairman for the Alzheimer's Drug Discovery Foundation and was a director at the Estee Lauder Companies Inc.

Leonard A. Lauder is a co-chairman for the Alzheimer's Drug Discovery Foundation, the chairman emeritus for the Estee Lauder Companies Inc., a trustee at the Aspen Institute (think tank) and a co-chairman for the Breast Cancer Research Foundation.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and is Daisy M. Soros’s brother-in-law.

Daisy M. Soros is George Soros’s sister-in-law and a leader’s council member for the Breast Cancer Research Foundation.

Deborah Krulewitch is the secretary for the Breast Cancer Research Foundation and the SVP for the Estee Lauder Companies Inc.

Evelyn H. Lauder was the founder & chair for the Breast Cancer Research Foundation and a senior corporate vice president for the Estee Lauder Companies Inc.

Princess Firyal is a leader’s council member for the Breast Cancer Research Foundation, the Jordan princess and an overseer at the International Rescue Committee.

Timothy F. Geithner is a director at the International Rescue Committee, was an overseer at the International Rescue Committee, a member of the Group of Thirty (G30) and a secretary for the U.S. Department of the Treasury.

Foundation to Promote Open Society was a funder for the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society and is the founder of the Soros Fund Management (SFM).

Keith T. Anderson was a chief investment officer for the Soros Fund Management and a co-founder for BlackRock, Inc.

Scott Bessent was formerly a partner at Soros Fund Management (SFM) and is the serving since 2025 as the 79th U.S. Department of the Treasury.

Timothy D. Adams is a director at the Atlantic Council of the United States (think tank) and was an undersecretary for the U.S. Department of the Treasury.

David D. Aufhauser is a director at the Atlantic Council of the United States (think tank) and was a general counsel for the U.S. Department of the Treasury.

James A. Baker III is an honorary director at the Atlantic Council of the United States (think tank) and was a secretary for the U.S. Department of the Treasury.

Kenneth W. Dam is a lifetime director for the Atlantic Council of the United States (think tank) and was a deputy secretary for the U.S. Department of the Treasury.

Stuart E. Eizenstat is a director at the Atlantic Council of the United States (think tank) and was a deputy secretary for the U.S. Department of the Treasury.

Robert M. Kimmitt is a director at the Atlantic Council of the United States (think tank) and was a deputy secretary for the U.S. Department of the Treasury.

George P. Shultz is an honorary director at the Atlantic Council of the United States (think tank) and was a secretary for the U.S. Department of the Treasury.

Herbert M. Allison Jr. was a director at the Atlantic Council of the United States (think tank) and an assistant secretary at the U.S. Department of the Treasury.

Teresa M. Ressel was a director at the Atlantic Council of the United States (think tank) and an assistant secretary at the U.S. Department of the Treasury.

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank).

George Soros the founder & chairman for the Open Society Foundations and the founder of the Soros Fund Management (SFM).

Scott Bessent was formerly a partner at Soros Fund Management (SFM) and is the serving since 2025 as the 79th U.S. Department of the Treasury.

Keith T. Anderson was a chief investment officer for the Soros Fund Management and a co-founder for BlackRock, Inc.

Laurence D. Fink is the Chairman & CEO for Blackrock, Inc. and a director at the Robin Hood Foundation.

Barry S. Sternlicht is a director at the Robin Hood Foundation and a director at the Estee Lauder Companies Inc.

Foundation to Promote Open Society was a funder for the Robin Hood Foundation.

George Soros was the chairman for the Foundation to Promote Open Society and is the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the Planned Parenthood Federation of America.

Faye Wattleton was the president of the Planned Parenthood Federation of America and a director at the Estee Lauder Companies Inc.

Jane Lauder is the Global President and General Manager of the Estée Lauder Companies, married to Kevin Warsh and Ronald Lauder’s daughter.

Deborah Krulewitch is the SVP for the Estee Lauder Companies Inc. and the secretary for the Breast Cancer Research Foundation.

Daisy M. Soros is a leader’s council member for the Breast Cancer Research Foundation and George Soros’s sister-in-law.

Paula Zahn is a leader’s council member for the Breast Cancer Research Foundation, and a governor at the Alzheimer's Drug Discovery Foundation.

Sandra Day O'Connor is an honorary chair for the Alzheimer's Drug Discovery Foundation, the president of the Alfalfa Club and was an associate justice for the U.S. Supreme Court.

Dianne Feinstein was a member of the Alfalfa Club, a U.S. Senate senator and married to Richard C. Blum.

Richard C. Blum was married to Senator Dianne Feinstein an honorary trustee at the Brookings Institution (think tank), and an Economic Advisory Council member for the Federal Reserve Bank of San Francisco.

George H.W. Bush was a member of the Alfalfa Club and an adviser for the Carlyle Group.

Jerome H. Powell (Jay) was a partner at the Carlyle Group and the Chairman for the Federal Reserve.

David M. Rubenstein was a co-founder & co-CEO for the Carlyle Group, Joe Biden spent Thanksgiving with him, a benefactor at the Aspen Institute (think tank), is the president of the Economic Club of Washington and a co-chairman for the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

David H. Koch is a trustee at the Aspen Institute (think tank) and a 740 Park Avenue, New York resident.

Ronald S. Lauder is a 740 Park Avenue, New York resident, a co-chairman for the Alzheimer's Drug Discovery Foundation and was a director at the Estee Lauder Companies Inc.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and is Daisy M. Soros’s brother-in-law.

Daisy M. Soros is George Soros’s sister-in-law and a leader’s council member for the Breast Cancer Research Foundation.

Deborah Krulewitch is the secretary for the Breast Cancer Research Foundation and the SVP for the Estee Lauder Companies Inc.

Evelyn H. Lauder was the founder & chair for the Breast Cancer Research Foundation and a senior corporate vice president for the Estee Lauder Companies Inc.

Princess Firyal is a leader’s council member for the Breast Cancer Research Foundation, the Jordan princess and an overseer at the International Rescue Committee.

Foundation to Promote Open Society was a funder for the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society and is the founder of the Soros Fund Management (SFM).

Scott Bessent was formerly a partner at Soros Fund Management (SFM) and is the serving since 2025 as the 79th U.S. Department of the Treasury.

Keith T. Anderson was a chief investment officer for the Soros Fund Management and a co-founder for BlackRock, Inc.

Laurence D. Fink is the Chairman & CEO for Blackrock, Inc. and a director at the Robin Hood Foundation.

Barry S. Sternlicht is a director at the Robin Hood Foundation and a director at the Estee Lauder Companies Inc.

Foundation to Promote Open Society was a funder for the Robin Hood Foundation.

George Soros was the chairman for the Foundation to Promote Open Society.

Emma Bloomberg was the chief of staff for the Robin Hood Foundation and is Michael R. Bloomberg’ daughter.

Michael R. Bloomberg was a donor for the Robin Hood Foundation, a general partner at Salomon Brothers, is Emma Bloomberg’s father and a member of Kappa Beta Phi.

Gedale B. Horowitz is a member of Kappa Beta Phi and was a general partner at Salomon Brothers.

Gregory J. Fleming is a member of Kappa Beta Phi, the president of Morgan Stanley Smith Barney, and was the head of investment management for Morgan Stanley (Bailout Company).

John J. Mack is a member of Kappa Beta Phi and was the chairman & CEO for Morgan Stanley (Bailout Company).

Raymond J. McGuire is a member of Kappa Beta Phi and was a managing director at Morgan Stanley (Bailout Company).

Thomas A. Saunders III is a member of Kappa Beta Phi and was a managing director at Morgan Stanley (Bailout Company).

Richard B. Fisher was a member of Kappa Beta Phi and the chairman for Morgan Stanley (Bailout Company).

Morgan Stanley Smith Barney merged with Morgan Stanley (Bailout Company).

Kevin M. Warsh was a VP and Executive Director of Mergers and Acquisitions (1995-2002) for Morgan Stanley (Bailout Company), a member of the Federal Reserve Board and a member of the Federal Open Market Committee, is nominated by Donald Trump to be the Chairman of the Federal Reserve System, a director at the United Parcel Service, Inc. (UPS), a member of the Group of Thirty (G30) and married to Jane Lauder.

Morgan Stanley Smith Barney merged with Morgan Stanley (Bailout Company).

Smith Barney merged with Morgan Stanley Smith Barney.

Diana L. Taylor was an investment banker for Smith Barney, is Michael R. Bloomberg’s companion, a member of Kappa Beta Phi and a director at the Citigroup Inc. (Bailout Company).

Robert E. Rubin is a member of Kappa Beta Phi and was a director at Citigroup Inc. (Bailout Company).

Todd S. Thomson is a member of Kappa Beta Phi and was the chairman & CEO of global wealth management for Citigroup Inc. (Bailout Company).

Michael A. Carpenter is a member of Kappa Beta Phi and the CEO for Ally Financial Inc. (Bailout Company).

Louis V. Gerstner Jr. is a member of Kappa Beta Phi and was the president of the American Express Company (Bailout Company).

Howard L. Clark Jr. is a member of Kappa Beta Phi and was the EVP & CFO for the American Express Company (Bailout Company).

Robert H. Benmosche is a member of Kappa Beta Phi and the president & CEO for the American International Group, Inc. (Bailout Company).

Christopher C. Quick is a member of Kappa Beta Phi and was the vice chairman, CEO for Banc of America Specialist.

Banc of America Specialist is a subsidiary of the Bank of America Corp. (Bailout Company).

Sallie L. Krawcheck is a member of Kappa Beta Phi and was the head of global wealth & investment management for the Bank of America Corp. (Bailout Company).

Doris P. Meister is a member of Kappa Beta Phi and the president, U.S. markets for the Bank of New York Mellon Corporation (Bailout Company).

Barbara Moakler Byrne is a member of Kappa Beta Phi and the vice chairman for Barclays Capital (Bailout Company).

Howard L. Clark Jr. is a member of Kappa Beta Phi and was the vice chairman for Barclays Capital (Bailout Company).

Stephen M. Lessing is a member of Kappa Beta Phi and a managing director at Barclays Capital (Bailout Company).

Paul G. Parker is a member of Kappa Beta Phi and the head of global acquisitions for Barclays Capital (Bailout Company).

James E. Cayne is a member of Kappa Beta Phi and was the chairman for the Bear Stearns Companies Inc. (Bailout Company).

Alphonse Fletcher Jr. is a member of Kappa Beta Phi and was the VP for the Bear Stearns Companies Inc. (Bailout Company).

Thomas M. Flexner is a member of Kappa Beta Phi and was the vice chairman for the Bear Stearns Companies Inc. (Bailout Company).

Alan C. Greenberg is a member of Kappa Beta Phi and was the chairman for the Bear Stearns Companies Inc. (Bailout Company).

Bruce Lisman is a member of Kappa Beta Phi and was the head of global equities for the Bear Stearns Companies Inc. (Bailout Company).

E. John Rosenwald Jr. is a member of Kappa Beta Phi and was the vice chairman for the Bear Stearns Companies Inc. (Bailout Company).

Alan D. Schwartz is a member of Kappa Beta Phi and was the CEO for the Bear Stearns Companies Inc. (Bailout Company).

John C. Sites Jr. is a member of Kappa Beta Phi and was the EVP for the Bear Stearns Companies Inc. (Bailout Company).

Warren Spector is a member of Kappa Beta Phi and was the president & co-COO for the Bear Stearns Companies Inc. (Bailout Company).

Michael A. Carpenter is a member of Kappa Beta Phi and was a director at the CIT Group Inc. (Bailout Company).

Robert M. Devlin is a member of Kappa Beta Phi and was a director at the Discover Financial Services (Bailout Company).

Richard H. Jenrette is a member of Kappa Beta Phi and was the chairman & CEO for the Donaldson, Lufkin & Jenrette.

Peter T. Grauer is a member of Kappa Beta Phi and was a managing director at Donaldson, Lufkin & Jenrette.

Lawrence G. Creel is a member of Kappa Beta Phi and was a VP for Donaldson, Lufkin & Jenrette.

John K. Castle is a member of Kappa Beta Phi and was the president & CEO for Donaldson, Lufkin & Jenrette.

Donaldson, Lufkin & Jenrette acquired Credit Suisse First Boston.

Credit Suisse First Boston is the former name of the Credit Suisse Group (Bailout Company).

Richard E. Thornburgh was the vice chairman for the Credit Suisse First Boston, is a director at the Credit Suisse Group (Bailout Company) and a member of Kappa Beta Phi.

John J. Mack was the president & CEO for Credit Suisse First Boston, the co-CEO for the Credit Suisse Group and is a member of Kappa Beta Phi.

George R. Hornig is a member of Kappa Beta Phi and the managing director & COO of asset management Americas for the Credit Suisse Group (Bailout Company).

Robert H. Benmosche is a member of Kappa Beta Phi and was a director at the Credit Suisse Group (Bailout Company).

Jeffrey H. Bunzel is a member of Kappa Beta Phi and a managing director, equity capital markets at the Credit Suisse Group (Bailout Company).

Pamela Thomas-Graham is a member of Kappa Beta Phi and the chief talent, branding & communications officer for the Credit Suisse Group (Bailout Company).

Michael A. Carpenter is a member of Kappa Beta Phi and was the CEO for the GMAC Financial Services.

Franklin W. Hobbs IV is a member of Kappa Beta Phi and was a director at the GMAC Financial Services.

GMAC Financial Services is a subsidiary of General Motors (Bailout Company).

General Motors was the filer for the General Motors bankruptcy (2009).

Boston Consulting Group was the federal task force advisers for the General Motors bankruptcy (2009).

Ralph H. Isham was a consultant for the Boston Consulting Group and is a member of Kappa Beta Phi.

Paul G. Parker is a member of Kappa Beta Phi and was the head of global mergers for Lehman Brothers Inc.

Diana L. Taylor is a member of Kappa Beta Phi and was an investment banker for Lehman Brothers Inc.

Emil W. Henry Jr. is a member of Kappa Beta Phi and the global head, infrastructure private equity for Lehman Brothers Inc.

Andrew J. Malik is a member of Kappa Beta Phi, was a managing director at Lehman Brothers Inc. and a managing director for Lehman Brothers Holdings Inc.

Lehman Brothers Holdings Inc. was a subsidiary of Lehman Brothers Inc.

J. Tomilson Hill is a member of Kappa Beta Phi and was the co-CEO for Lehman Brothers Holdings Inc.

Stephen M. Lessing is a member of Kappa Beta Phi and was the head of client relationship management for Lehman Brothers Holdings Inc.

Richard S. Fuld Jr. is a member of Kappa Beta Phi and was the chairman & CEO for Lehman Brothers Holdings Inc.

Howard L. Clark Jr. is a member of Kappa Beta Phi and was the vice chairman for Lehman Brothers Holdings Inc.

Lehman Brothers Holdings Inc. was the clearing bank for JPMorgan Chase & Co. (Bailout Company).

Geoffrey T. Boisi is a member of Kappa Beta Phi and was the vice chairman for JPMorgan Chase & Co. (Bailout Company).

James B. Lee Jr. is a member of Kappa Beta Phi and the vice chairman for JPMorgan Chase & Co. (Bailout Company).

E. John Rosenwald Jr. is a member of Kappa Beta Phi and was the vice chairman for JPMorgan Chase & Co. (Bailout Company).

Rosemary T. Berkery is a member of Kappa Beta Phi and the vice chair for UBS Americas.

UBS Americas is a division of UBS AG (Bailout Company).

Michael R. Bloomberg is a member of Kappa Beta Phi, Diana L. Taylor’s companion, Emma Bloomberg’s father, was a general partner at Salomon Brothers and a donor for the Robin Hood Foundation.

Laurence D. Fink is a director at the Robin Hood Foundation and the Chairman & CEO for Blackrock, Inc.

Barry S. Sternlicht is a director at the Robin Hood Foundation and a director at the Estee Lauder Companies Inc.

Emma Bloomberg was the chief of staff for the Robin Hood Foundation and is Michael R. Bloomberg’ daughter.

Foundation to Promote Open Society was a funder for the Robin Hood Foundation.

George Soros was the chairman for the Foundation to Promote Open Society.

Daniel S. Och is a director at the Robin Hood Foundation and was a trader for the Goldman Sachs Group Inc. (Bailout Company).

David M. Solomon is a managing director at the Goldman Sachs Group Inc. (Bailout Company), a director at the Robin Hood Foundation and was a leadership council member for the Robin Hood Foundation.

Peter D. Kiernan III was a senior partner at the Goldman Sachs Group Inc. (Bailout Company) and is a director at the Robin Hood Foundation.

Clifford S. Asness was a managing director at the Goldman Sachs Group Inc. (Bailout Company) and a leadership council member for the Robin Hood Foundation.

David A. Tepper was a trader for the Goldman Sachs Group Inc. (Bailout Company) and is a director at the Robin Hood Foundation.

Lloyd C. Blankfein was a director at the Robin Hood Foundation and is the chairman & CEO for the Goldman Sachs Group Inc. (Bailout Company).

Peter S. Kraus was the division co-COO for the Goldman Sachs Group Inc. (Bailout Company) and a member of Kappa Beta Phi.

Geoffrey T. Boisi is a member of Kappa Beta Phi and was a general partner at Goldman Sachs Group Inc. (Bailout Company).

Jon S. Corzine is a member of Kappa Beta Phi and was the chairman & CEO for the Goldman Sachs Group Inc. (Bailout Company).

Eric S. Dobkin is a member of Kappa Beta Phi and an advisory director for the Goldman Sachs Group Inc. (Bailout Company).

Donald R. Mullen Jr. is a member of Kappa Beta Phi and a managing director at the Goldman Sachs Group Inc. (Bailout Company).

Michael E. Novogratz is a member of Kappa Beta Phi and was a partner at the Goldman Sachs Group Inc. (Bailout Company).

Robert E. Rubin is a member of Kappa Beta Phi and was a co-chairman & co-senior partner for the Goldman Sachs Group Inc. (Bailout Company).

Esta Stecher is a member of Kappa Beta Phi and the CEO, Goldman Sachs Bank USA for the Goldman Sachs Group Inc. (Bailout Company).

John C. Whitehead is a member of Kappa Beta Phi and was a co-chairman & co-senior partner for the Goldman Sachs Group Inc. (Bailout Company).

Kendrick R. Wilson III is a member of Kappa Beta Phi and was a managing partner at the Goldman Sachs Group Inc. (Bailout Company).

John C. Sites Jr. is a member of Kappa Beta Phi and was a director at Fannie Mae (Bailout Company).

Diana L. Taylor is a member of Kappa Beta Phi and was a director at Fannie Mae (Bailout Company).

Donald B. Marron is a member of Kappa Beta Phi and was a director at Fannie Mae (Bailout Company).

Thomas P. Gerrity was a director at Fannie Mae and is a trustee at the Committee for Economic Development.

Kenneth M. Duberstein was a VP for the Committee for Economic Development and a director at Fannie Mae.

James A. Johnson was the chairman for Fannie Mae, received five real-estate loans from the Countrywide Financial Corporation and is a trustee at the Committee for Economic Development.

Franklin D. Raines was a mortgage recipient from the Countrywide Financial Corporation and the CEO for Fannie Mae.

Homeownership Alliance is a trade groups organization, an advocacy group for Fannie Mae and an advocacy group for Freddie Mac.

Richard H. Davis was the president of the Homeownership Alliance and is a trustee at the Committee for Economic Development.

Roger W. Ferguson Jr. is a co-chairman for the Committee for Economic Development and was the vice chairman for the Federal Reserve Board.

Lisa Cook is a member of the Federal Reserve Board and a board of directors of the Federal Reserve Bank of Chicago.

Carl T. Camden is a director, Detroit branch for the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

Jeffrey A. Joerres is a director at the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

William J. McDonough is a trustee at the Committee for Economic Development and was the president & CEO for the Federal Reserve Bank of New York.

Peter G. Peterson is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

Lee C. Bollinger is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

Letitia James is the chair for the Committee on Economic Development and the Attorney General of New York.

Bill & Melinda Gates Foundation was a funder for the Committee for Economic Development.

Victor A. Pelson was a trustee at the Committee for Economic Development and a director at the United Parcel Service, Inc. (UPS).

Stuart E. Eizenstat was a trustee at the Committee for Economic Development and a director at the United Parcel Service, Inc. (UPS).

Kevin M. Warsh is a director at the United Parcel Service, Inc. (UPS), a member of the Group of Thirty (G30), married to Jane Lauder, nominated by Donald Trump to be the Chairman of the Federal Reserve System, was a member of the Federal Reserve Board, a member of the Federal Open Market Committee and Distinguished Visiting Fellow, Hoover Institution Stanford University.

Victoria P. Sant was a trustee at Stanford University and is an honorary trustee at the Brookings Institution (think tank).

Robert M. Bass was a trustee at Stanford University and a trustee at the Brookings Institution (think tank).

Pete Higgins was a trustee at Stanford University and is a trustee at the Brookings Institution (think tank).

Steven A. Denning is a trustee at Stanford University and an honorary trustee at the Brookings Institution (think tank).

Mark B. McClellan was an associate professor at Stanford University and a senior fellow at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Richard C. Blum was an honorary trustee at the Brookings Institution (think tank), an Economic Advisory Council member for the Federal Reserve Bank of San Francisco and married to Senator Dianne Feinstein.

Dianne Feinstein was married to Richard C. Blum, a U.S. Senate senator and a member of the Alfalfa Club.

George H.W. Bush was a member of the Alfalfa Club and an adviser for the Carlyle Group.

Jerome H. Powell (Jay) was a partner at the Carlyle Group and the Chairman for the Federal Reserve System.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank) and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Ben S. Bernanke is a distinguished fellow at the Brookings Institution (think tank) and was the chairman for the Federal Reserve Board.

David H. Romer is a senior fellow at the Brookings Institution (think tank) and a co-director, program in monetary economics for the National Bureau of Economic Research.

Elizabeth E. Bailey is an honorary trustee at the Brookings Institution (think tank) and a director at the National Bureau of Economic Research.

James A. Baker III was a fellow at the Brookings Institution (think tank) and the general counsel for the Federal Bureau of Investigation (FBI).

Cameron F. Kerry is a fellow at the Brookings Institution (think tank), John F. Kerry’s brother and a senior counsel at Sidley Austin LLP.

James David Vance worked at Sidley Austin LLP and is the VP for the Donald Trump administration.

Barack Obama was an intern at Sidley Austin LLP and the president of the Barack Obama administration.

Austan D. Goolsbee was a director, Economic Recovery Board, council of economic adviser’s chairman for the Barack Obama administration and the president of the Federal Reserve Bank of Chicago.

Federal Reserve Bank of Chicago is a bank in the Federal Reserve System.

Michelle Obama was a lawyer at Sidley Austin LLP.

Newton N. Minow is a senior counsel at Sidley Austin LLP and a member of the Commercial Club of Chicago.

R. Eden Martin is counsel at Sidley Austin LLP and the president of the Commercial Club of Chicago.

Gregory Q. Brown is a member of the Commercial Club of Chicago and a director at the Federal Reserve Bank of Chicago.

Charles L. Evansa director at the Federal Reserve Bank of Chicago and is the president & CEO for the Federal Reserve Bank of Chicago and a member of the Commercial Club of Chicago.

William C. Foote is a director at the Federal Reserve Bank of Chicago and a member of the Commercial Club of Chicago.

Terry Mazany is a director at the Federal Reserve Bank of Chicago and a member of the Commercial Club of Chicago.

Frederick H. Waddell is a director at the Federal Reserve Bank of Chicago and a member of the Commercial Club of Chicago.

Anthony K. Anderson was a director at the Federal Reserve Bank of Chicago and is a member of the Commercial Club of Chicago.

John A. Canning Jr. was the chairman for the Federal Reserve Bank of Chicago and is a member of the Commercial Club of Chicago.

Silas Keehn was the president for the Federal Reserve Bank of Chicago and is a member of the Commercial Club of Chicago.

Michael H. Moskow was the president & CEO for the Federal Reserve Bank of Chicago and is a member of the Commercial Club of Chicago.

Thomas J. Wilson was a director at the Federal Reserve Bank of Chicago and is a member of the Commercial Club of Chicago.

Valerie B. Jarrett was a board member for the Federal Reserve Bank of Chicago, is a member of the Commercial Club of Chicago and the senior adviser for the Barack Obama administration.

Lisa Cook is a board of directors of the Federal Reserve Bank of Chicago, a member of the Federal Reserve Board and earned a PhD in economics from the University of California, Berkeley.

Students for Justice in Palestine (SJP) was founded at the University of California, Berkeley.

University of California, Berkeley is a University of California campus.

Cyrus F. Freidheim Jr. is a member of the Commercial Club of Chicago and an honorary trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Richard C. Blum was an honorary trustee at the Brookings Institution (think tank), a regent at the University of California, married to Senator Dianne Feinstein and a board member for the Haas School of Business.

University of California, Berkeley is a University of California campus.

Students for Justice in Palestine (SJP) was founded at the University of California, Berkeley.

Haas School of Business is a business school at the University of California, Berkeley.

George A. Akerlof is a professor at the University of California, Berkeley and married to Janet L. Yellen.

Janet L. Yellen is a professor emeritus at the University of California, Berkeley, married to George A. Akerlof, was the U.S. Secretary of the Treasury for the Joe Biden administration, the vice chair for the Federal Reserve Board, the chair for the Federal Open Market Committee and the president & CEO for the Federal Reserve Bank of San Francisco.

David H. Romer is a professor at the University of California, Berkeley and a senior fellow at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Vernon E. Jordan Jr. is an honorary trustee at the Brookings Institution (think tank) and was the president of the Economic Club of Washington.

David M. Rubenstein is a co-chairman for the Brookings Institution (think tank), the president of the Economic Club of Washington, was a co-founder & co-CEO for the Carlyle Group, Joe Biden spent Thanksgiving with him.

Jerome H. Powell (Jay) was a partner at the Carlyle Group and the Chairman for the Federal Reserve System.

Edward J. Mathias is a managing director at the Carlyle Group and a director at the Economic Club of Washington.

Carol A. Melton was a director at the Economic Club of Washington and a trustee at the Committee for Economic Development.

Robert G. Liberatore was a director at the Economic Club of Washington and a trustee at the Committee for Economic Development.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

Kenneth M. Duberstein was a VP for the Committee for Economic Development and a director at Fannie Mae.

James A. Johnson was the chairman for Fannie Mae, received five real-estate loans from the Countrywide Financial Corporation and is a trustee at the Committee for Economic Development.

Franklin D. Raines was a mortgage recipient from the Countrywide Financial Corporation and the CEO for Fannie Mae.

Homeownership Alliance is a trade groups organization, an advocacy group for Fannie Mae and an advocacy group for Freddie Mac.
Richard H. Davis was the president of the Homeownership Alliance and is a trustee at the Committee for Economic Development.

Roger W. Ferguson Jr. is a co-chairman for the Committee for Economic Development and was the vice chairman for the Federal Reserve Board.

Lisa Cook is a member of the Federal Reserve Board and a board of directors of the Federal Reserve Bank of Chicago.

Carl T. Camden is a director, Detroit branch for the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

Jeffrey A. Joerres is a director at the Federal Reserve Bank of Chicago and a trustee at the Committee for Economic Development.

William J. McDonough is a trustee at the Committee for Economic Development and was the president & CEO for the Federal Reserve Bank of New York.

Peter G. Peterson is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

Lee C. Bollinger is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

Roger W. Ferguson Jr. is a co-chairman for the Committee for Economic Development and a member of the Business-Higher Education Forum.

Edward B. Rust Jr. is a trustee at the Committee for Economic Development and a member of the Business-Higher Education Forum.

Lee C. Bollinger is a trustee at the Committee for Economic Development, a member of the Business-Higher Education Forum and the president of Columbia University.

John J. DeGioia is a trustee at the Committee for Economic Development, a member of the Business-Higher Education Forum and the president of Georgetown University.

E. Gordon Gee is a trustee at the Committee for Economic Development, a member of the Business-Higher Education Forum and the president of West Virginia University.

William E. Kirwan is a trustee at the Committee for Economic Development, a member of the Business-Higher Education Forum and the chancellor for the University System of Maryland.

Diana S. Natalicio is a trustee at the Committee for Economic Development, a member of the Business-Higher Education Forum and the president of the University of Texas at El Paso.