|16th Chair of the Federal Reserve|
|Assumed office |
February 5, 2018
|Preceded by||Janet Yellen|
|Member of the Federal Reserve Board of Governors|
|Assumed office |
May 25, 2012
|Preceded by||Frederic Mishkin|
|Under Secretary of the Treasury for Domestic Finance|
April 7, 1992 – January 20, 1993
|President||George H. W. Bush|
|Preceded by||Robert R. Glauber|
|Succeeded by||Frank N. Newman|
Jerome Hayden Powell
February 4, 1953
Washington, D.C., U.S.
Elissa Leonard (m. 1985)
|Residence||Chevy Chase, Maryland|
|Education||Princeton University (AB)|
Georgetown University (JD)
|Net worth||$55 million|
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.
On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chair of the Federal Reserve. His nomination was confirmed by the United States Senate on January 31, 2018 and took office on February 5, 2018.
Early life[change | change source]
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.
Early career[change | change source]
From 1984 to 1990, Powell worked at Dillon, Read & Co.. 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.
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.
Federal Reserve Board of Governors[change | change source]
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. His nomination was confirmed by the Senate on January 23, 2018 by a 85-12 vote.
Chair of the Federal Reserve[change | change source]
With his term as chair expiring in February 2022, many Democrats began wanting President Joe Biden to pick a replacement. Powell was renominated for a second term by President Joe Biden on November 22, 2021. His nomination for another term as chair was confirmed by the full U.S. Senate on May 12, 2022 in an 80-19 vote.
Personal life[change | change source]
In 1985, Powell married Ellissa Leonard. They have three children.
References[change | change source]
- Long, Heather (October 31, 2017). "Jerome Powell, Trump's pick to lead Fed, would be the richest chair since the 1940s". The Washington Post.
- Gandel, Stephen (November 2, 2017). "Powell Is Trump's Kind of Rich". Bloomberg L.P.
- Gensler, Lauren (November 2, 2017). "Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity". Forbes.
- GREENHOUSE, STEVEN (April 14, 1992). "New Duties Familiar To Treasury Nominee". The New York Times.
- "Banker Joins Dillon, Read". The New York Times. February 17, 1995.
- "Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury". University of California, Santa Barbara. April 9, 1992.
- "GEF Adds to Investment Team" (Press release). Business Wire. July 8, 2008.
- "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". Retrieved January 31, 2018.
- Egan, Matt (August 31, 2021). "Progressives led by AOC call for Biden to replace Fed Chair Powell". CNN.
- Thomas, Daniel (August 31, 2021). "Left-wing Democrats want Fed chief replaced". BBC.
- 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. Retrieved 22 November 2021.
- "ELISSA LEONARD WED TO JEROME H. POWELL". The New York Times. September 15, 1985.
- 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 Accessed April 24, 2020.