Jerome Powell
Jerome Hayden Powell (born February 4, 1953) is an American lawyer. He is the 16th and current Chair of the Federal Reserve since February 2018 and a member of the Federal Reserve Board of Governors and has served since 2012 upon being nominated by President Barack Obama.
Jerome Powell | |
|---|---|
 Official portrait, 2022 | |
| 16th Chair of the Federal Reserve | |
| Assumed office February 5, 2018 | |
| President | Donald Trump Joe Biden |
| Deputy | Lael Brainard Michael Barr |
| Preceded by | Janet Yellen |
| Member of the Federal Reserve Board of Governors | |
| Assumed office May 25, 2012 | |
| President | Barack Obama Donald Trump Joe Biden |
| Preceded by | Frederic Mishkin |
| Under Secretary of the Treasury for Domestic Finance | |
| In office April 7, 1992 – January 20, 1993 | |
| President | George H. W. Bush |
| Preceded by | Robert R. Glauber |
| Succeeded by | Frank N. Newman |
| Personal details | |
| Born | Jerome Hayden Powell February 4, 1953 Washington, D.C., U.S. |
| Political party | Republican |
| Spouse(s) | Elissa Leonard (m. 1985) |
| Children | 3 |
| Residence | Chevy Chase, Maryland |
| Education | Princeton University (AB) Georgetown University (JD) |
| Net worth | $55 million[1][2] |
On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chair of the Federal Reserve.[3] His nomination was confirmed by the United States Senate on January 31, 2018 and took office on February 5, 2018.
Early life
Powell was born in Washington, D.C.. He studied at Princeton University and at Georgetown University. In 1975-1976, he spent a year as a legislative assistant to Senator Richard Schweiker of Pennsylvania.[4]
Early career
From 1984 to 1990, Powell worked at Dillon, Read & Co..[5] Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time Nicholas F. Brady, the former chairman of Dillon, Read & Co., was the United States Secretary of the Treasury. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush.[6]
In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995. Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.[7]
Federal Reserve Board of Governors
In December 2011, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. He took office on May 25, 2012. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67-24 vote for a 14-year term ending January 31, 2028.[8] His nomination was confirmed by the Senate on January 23, 2018 by a 85-12 vote.[9]
Chair of the Federal Reserve
On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.[3] On January 31, 2018, Powell was confirmed by the United States Senate.[10]
With his term as chair expiring in February 2022, many Democrats began wanting President Joe Biden to pick a replacement.[11][12] Powell was renominated for a second term by President Joe Biden on November 22, 2021.[13] His nomination for another term as chair was confirmed by the full U.S. Senate on May 12, 2022 in an 80-19 vote.[14]
Personal life
In 1985, Powell married Ellissa Leonard.[15] They have three children.
Powell's net worth is estimated to be in a range between $4.7 million and $55 million.[1][2][16]
Jerome Powell Media
Powell speaks at the Columbus School of Law in February 2015
President Donald Trump nominates Powell in November 2017
Powell takes the oath of office, administered by Randal Quarles, as chair in February 2018
Powell testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs in 2018
Powell speaks with the Federal Open Market Committee via videotelephony in June 2020
CPI inflation reaching 7% as of 2021.
President Joe Biden with Powell and Lael Brainard in November 2021
Powell sworn in for his second term as chair by Lael Brainard in May 2022
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References
- ↑ 1.0 1.1 Long, Heather (October 31, 2017). Jerome Powell, Trump's pick to lead Fed, would be the richest chair since the 1940s. https://www.washingtonpost.com/news/wonk/wp/2017/10/31/jerome-powell-trumps-pick-to-lead-fed-would-be-the-richest-chair-since-the-1940s/.
- ↑ 2.0 2.1 Gandel, Stephen (November 2, 2017). "Powell Is Trump's Kind of Rich". Bloomberg L.P.. https://www.bloomberg.com/gadfly/articles/2017-11-02/jerome-powell-at-the-fed-is-trump-s-kind-of-wealthy.
- ↑ 3.0 3.1 Gensler, Lauren (November 2, 2017). "Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity". Forbes. https://www.forbes.com/sites/laurengensler/2017/11/02/trump-picks-federal-reserve-chair-jerome-powell/.
- ↑ GREENHOUSE, STEVEN (April 14, 1992). "New Duties Familiar To Treasury Nominee". The New York Times. https://www.nytimes.com/1992/04/14/business/business-people-new-duties-familiar-to-treasury-nominee.html.
- ↑ "Banker Joins Dillon, Read". The New York Times. February 17, 1995. https://www.nytimes.com/1995/02/17/business/banker-joins-dillon-read.html.
- ↑ "Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury". University of California, Santa Barbara. April 9, 1992.
- ↑ Business Wire (July 8, 2008). "GEF Adds to Investment Team". Press release. http://www.businesswire.com/news/home/20080708006018/en/GEF-Adds-Investment-Team.
- ↑ "PN1350 — Jerome H. Powell — Federal Reserve System". United States Senate.
- ↑ Lane, Sylvan (23 January 2018). "Senate confirms Jerome Powell as Fed chairman". TheHill.
- ↑ The Hill. Senate confirms Jerome Powell as Fed chairman. http://thehill.com/policy/finance/370329-senate-confirms-jerome-powell-as-fed-chairman. Retrieved January 31, 2018.
- ↑ Egan, Matt (August 31, 2021). "Progressives led by AOC call for Biden to replace Fed Chair Powell". CNN. https://www.cnn.com/2021/08/31/economy/jerome-powell-fed-aoc/index.html.
- ↑ Thomas, Daniel (August 31, 2021). "Left-wing Democrats want Fed chief replaced". BBC. https://www.bbc.com/news/business-58400767.
- ↑ Smialek, Jeanna (22 November 2021). "President Biden will keep Jerome Powell as Fed chair, resisting political pressure for a shake-up.". The New York Times. https://www.nytimes.com/2021/11/22/business/economy/fed-chair-jerome-powell-biden.html?searchResultPosition=3. Retrieved 22 November 2021.
- ↑ https://twitter.com/SenateCloakroom/status/1524819854578024448?cxt=HHwWgICwqYbln6kqAAAA
- ↑ "ELISSA LEONARD WED TO JEROME H. POWELL". The New York Times. September 15, 1985. https://www.nytimes.com/1985/09/15/style/elissa-leonard-wed-to-jerome-h-powell.html.
- ↑ Public Financial Disclosure Report (OGE Form 2783) Executive Branch Personnel, U.S. Office of Government Ethics. Annual Report 2017: Powell, Jerome. https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/E54DC5C9281668888525815A006BF4E1/%24FILE/Jerome-H-Powell-2017-278.pdf Archived 2021-08-12 at the Wayback Machine Accessed April 24, 2020.