Kevin Warsh would be one of the wealthiest Fed chairs ever and says he ‘lived the American Dream.’ Here’s what he wants for the central bank

Two sides of Kevin Warsh were presented to the world at his Senate Banking Committee hearing this morning. From the Republicans, a “battle-tested” economist, ready to step into the role of Federal Reserve chairman in his “finest hour” at a turning point for the economy. From the Democrats, Warsh is a “sock puppet”—both for Donald Trump in the White House and for Wall Street CEOs. To confirm him, Senator Elizabeth Warren said, was to vote for catastrophe, leading the central bank down a path to erosion of its independence. Markets and investors care little for the stories spun by politicians . They wanted to hear from the man himself, who just revealed a personal fortune of more than $100 million , making him one of, if not the, wealthiest candidates to ever seek the top central banker’s chair. A former Fed Governor himself, for Warsh landing the role of leading the central bank would be the summit. He said he’d “lived the American Dream,” telling the committee: “I’ve been the luckiest, most blessed, fortunate person with the greatest teachers. I was a kid from upstate New York in public schools, and I had an opportunity to serve after 9/11. “I was walking with a friend of mine … away from a building near the site of the tragedy, I was walking up Fifth Avenue, and I thought to myself: ‘What am I doing?’ So I committed myself to public service then.” The why for Warsh is clear, but investors are more concerned about the how. The chairman-nominee’s take is clear: Monetary policy must be independent of politics (Wall Street, DC, and investors breathe a sigh of relief), but the central bank must earn that autonomy. And the Federal Open Market Committee (FOMC) hasn’t helped itself in that matter. Warsh’s opening remarks, shared with Fortune ahead of the hearing , focused on his commitment to Federal Reserve independence, which he declared “essential.” Inflation is a choice made by the Fed, he added, a decision which it must bear stoically and without complaint—despite cr…