Key facts
- The forms list investments including TAW Fund I-A LLC: LymeAlert Inc and TAW Fund I-A LLC: Grub Club Pets Ltd.
- Footnotes on the disclosure forms said the transactions involved equity and warrants.
- The forms state the transactions were approved by government ethics officials.
- TAW Ventures, founded by Lauder, invests in pet wellness companies, according to its website.
- Warsh became Fed leader in May and has reported millions in investment sales to comply with ethics rules.
Financial disclosure forms filed under Federal Reserve Chairman Kevin Warsh's name were made public on November 11, 2026, and reported transactions on behalf of his wife, Jane Lauder, related to a firm that invests in pet-care brands.
Two filings on the US Office of Government Ethics website list transactions in August and September in funds under TAW LLC. According to its website, TAW Ventures, founded by Lauder and named after her goldendoodle Thaddeus Alistair Warsh, invests in companies promoting pet wellness, with a portfolio including veterinary dental services, dog food and treat makers and supplements for dog-brain health.
The reported investments carry names such as TAW Fund I-A LLC: LymeAlert Inc, a maker of at-home test kits for Lyme disease, and TAW Fund I-A LLC: Grub Club Pets Ltd, a UK bug-based pet food company. "This was a spousal transaction," a spokesperson for the Federal Reserve said.
Footnotes on the forms said the transactions involved equity and warrants and were valued from $400,000 to $900,000. The transactions listed were approved by government ethics officials, according to the forms.
Lauder said on the firm's website that in summer 2024 her dog had health challenges she associated with veterinarian-prescribed medication, and that once the drugs were discontinued the dog returned to health. "Having spent nearly 30 years in Prestige Beauty at the Estée Lauder Companies, I know firsthand the critical importance of science-backed research and clinical testing," Lauder said.
Fed ethics rules were tightened in 2022 after a trading controversy involving some central bank officials. Fed officials, top staff and their immediate families now face tight restrictions on what they can own and how they can change their investments. Warsh, who became Fed leader in May, came to the office as the richest person to ever hold the role and has reported millions in sales of investments to comply with government and central bank ethics rules.