Kevin Warsh, President-elect Donald Trump's nominee to chair the Federal Reserve, has submitted financial disclosure documents revealing assets worth more than $100 million, according to filings required for his Senate confirmation process.

Warsh, a former Federal Reserve governor, was chosen by Trump to replace current Fed Chair Jerome Powell. The financial disclosures are mandatory for all presidential nominees seeking Senate confirmation and must be filed before confirmation hearings can proceed.

According to the disclosure documents, Warsh has committed to divesting a substantial portion of his holdings to avoid potential conflicts of interest in his role as Fed chair. The exact details of which assets he plans to sell have not been specified in the initial filings.

Warsh previously served as a Federal Reserve governor from 2006 to 2011 under Presidents George W. Bush and Barack Obama. His nomination will require Senate confirmation, though no hearing has yet been scheduled.

The Federal Reserve chair position is one of the most influential economic policy roles in the U.S. government, with significant authority over monetary policy, interest rates, and banking regulation. The current chair, Jerome Powell, was appointed by Trump during his first term but later drew criticism from the former president.