Who Is Jerome Powell? – Jerome Powell is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve.
Jerome Powell:
- The ex-Carlyle Group partner became the world’s top central banker in February 2018, after President Trump declined to extend Janet Yellen’s term.
- As Fed chief, Powell holds the keys to the world’s largest economy, and runs the printing presses for its reserve currency.In
- 1992, Powell served as Undersecretary of the Treasury under President George H.W. Bush.
- He earned a law degree from Georgetown University and was editor-in-chief of the Georgetown Law Journal.
Powell was born on February 4, 1953, in Washington, D.C., as one of children to Patricia (née Hayden; 1926–2010) and Jerome Powell (1921–2007), a lawyer in private practice. His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law at Catholic University of America and later a lecturer at Georgetown Law School. He has five siblings: Susan, Matthew, Tia, Libby, and Monica.
In 1972, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school. He received a Bachelor of Arts in politics from Princeton University in 1975, where his senior thesis was titled “South Africa: Forces for Change”. In 1975–76, he spent a year as a legislative assistant to U.S. Senator Richard Schweiker of Pennsylvania, a member of the Republican Party.
Powell earned a Juris Doctor degree from Georgetown University Law Center in 1979, where he was editor-in-chief of the Georgetown Law Journal.
Jerome Powell Notable Accomplishments:
1984-1990 – Works at the investment bank Dillon, Read & Co.
1990-1993 – Assistant Secretary and then Under Secretary of the Treasury for Finance, under US President George H. W. Bush.
1997-2005 – Partner at The Carlyle Group, a private equity and asset management firm.
2010-2012 – Visiting scholar at the Bipartisan Policy Center in Washington, DC.
May 25, 2012-present – Serves on the Board of Governors of the Federal Reserve. Reappointed and sworn in on June 16, 2014, for a 14-year term ending January 31, 2028.
April 2017 – Powell is appointed to head oversight of the “too big to fail” banks.
November 2, 2017 – US President Donald Trump announces Powell as his nominee to replace Janet Yellen as the next Fed chair.
December 5, 2017 – The Senate Banking Committee votes 22 to 1 in favor of advancing Powell’s nomination, with Democratic Senator Elizabeth Warren as the only member in opposition.
January 23, 2018 – Wins Senate confirmation by a vote of 84-13 with strong bipartisan support.
February 5, 2018 – Takes office as the 16th chairman of the Federal Reserve, for a four-year term.
January 4, 2019 – During a panel discussion at the annual American Economic Association conference, Powell says he would not resign if pressured to do so by Trump. Trump repeatedly criticized Powell for continuing to tighten monetary policy, saying on Twitter that it was the “only problem” with the economy. The President also asked advisers amid increasing market volatility whether he can fire Powell.
November 12, 2020 – During a virtual panel discussion at the European Central Bank’s Forum on Central Banking, Powell says “we’re not going back to the same economy” we knew before the coronavirus pandemic.
November 22, 2021 – Biden formally announces his intent to nominate Powell to serve as the chairman of the Federal Reserve for a second term and nominate Lael Brainard to serve as the Fed’s vice chair.
May 12, 2022 – The US Senate confirms Powell to a second term as chairman of the Federal Reserve. The final vote is 80-19.
January 18, 2023 – Announces that he has tested positive for Covid-19 and is experiencing mild symptoms.
Jerome Powell Personal Life:
Powell has been married since 1985 and is the father of three children. He is an avid cyclist who sometimes rides his bike to work at the Fed. He is the first Fed chair in more than 40 years who did not hold a Ph.D. in economics. The last was G. William Miller, who was Fed chair under then-President Jimmy Carter from 1978 to 1979, and who held degrees in marine engineering and law.5
How Long Is the Fed Chairman Term?
The term for chairman of the Fed is four years. When a term is over, the chair can be renominated by the sitting President and confirmed by the Senate; there is no limit to how many terms an individual can serve as chair of the Fed.6
How Much Does the Chairman of the Federal Reserve Make?
The salary of the chairman of the Federal Reserve is $203,500. This is the current salary of the sitting chair of the Fed, Jerome H. Powell.
Birth name: Jerome Hayden Powell
Father: Jerome Powell, attorney
Mother: Patricia (Hayden) Powell, mathematician
Children: Samuel, Lucy and Susie
Education: Princeton University, A.B. in Politics, 1975; Georgetown University, J.D., 1979
