Kevin Warsh, President Donald Trump's nominee for the Federal Reserve, has more than $100 million in his fortune thanks to a regulatory carveout that allows top family office employees to invest with their ultra-wealthy families. The rule allows employees to co-invest with their clients, particularly those of key employees who occupy a senior position in the firm's investment activity. This is due to a 2011 rule by the Securities and Exchange Commission that allows such employees to only advise or manage assets for family clients. Warsh joined Duquesne Family Office after leaving the Fed in 2011 and has interests in dozens of other Duqueshene entities.