Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent incoming Federal Reserve Chair Kevin Warsh a letter about his assets on Friday morning.

“I write to request an update on the status of your divestments—including information about who you sold your assets to, and on what terms,” Warren wrote. Warsh is required to make divestments before assuming the position of chair.

Warren pressed Warsh during his April nomination hearing on whether he would disclose how he planned to divest his assets. Warsh said he has “worked tirelessly” with the Office of Government Ethics and agreed to sell all his financial assets if confirmed.

Warsh holds significant undisclosed investments in a vehicle called the Juggernaut Fund, with two holdings valued at more than $50 million each. The fund is managed by Duquesne Family Office, the personal investment firm of billionaire hedge fund manager Stanley Druckenmiller. Warsh joined Duquesne as an adviser after leaving the Fed in 2011 and has interests in several other Duquesne funds. The assets held in funds are undisclosed due to existing confidentiality obligations and have drawn scrutiny from Democrats.

Warsh pledged to divest these assets, along with stakes in SpaceX (SPAX.PVT) and Polymarket, to comply with ethics requirements.

Warren has concerns about the transactions. If Druckenmiller or someone else is writing Warsh a $100 million check right before he starts as chair of the Federal Reserve, that raises questions about what kind of access the buyer might have to Warsh during his term.

Warren previously sent a letter to Druckenmiller on May 5 requesting that he release Warsh from any confidentiality agreements that prevent him from disclosing more than $100 million in assets. Warren also asked Druckenmiller if he plans to facilitate Warsh’s divestiture of these assets by cashing out his investments in these funds.

In her Friday letter, Warren requested Warsh provide information by May 29 on whether he divested from the mysterious Juggernaut Fund and other funds, as well as the terms of his divestment.

“Your lack of transparency poses a problem: one or more of your dozens of funds and entities could hold stock in a prohibited financial institution, and the public would never know,” Warren wrote. “During your confirmation process, I asked you to disclose your assets, as well as asked if you had sought to extricate yourself from the confidentiality agreements preventing your disclosure. You failed to meaningfully respond.”

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Members of the Federal Reserve are prohibited from holding any stock in any bank, banking institution, or trust company, per the law. Warren wants complete disclosure to ensure that Warsh is in full compliance with this requirement.

Yahoo Finance reached out to Warsh for comment, but did not immediately hear back.

The US Senate confirmed Warsh on Wednesday to be the 17th chair of the Federal Reserve. Customary paperwork and divestitures must be completed before he takes the oath of office.

Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram.

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