Jerome H. Powell

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Jerome Powell
Powell.jpg
Occupation Chairman
Employer Federal Reserve Board
Location Washington, DC
Website www.federalreserve.gov

Jerome "Jay" Powell is the 16th chairman of the Federal Reserve Board of Governors. He was sworn in to that position on February 5, 2018.[1] He was nominated as chairman by President Donald Trump, succeeding Janet Yellen,[2] and confirmed by the U.S. Senate on January 23, 2018.[3]

He was previously a member of the Fed Board, having been nominated by President Barack Obama to fill an unexpired term and then reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.[4]

Before his appointment to the Fed board, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., and was the undersecretary of the Treasury for finance with the George H.W. Bush administration.[5]

During his five years at the Fed, Powell has been an ally of Janet Yellen's and has never dissented on a Fed monetary or regulatory policy vote or deviated far from the board's consensus in his speeches. He has, however, advocated loosening some of the financial regulations the Fed and other agencies have adopted since the financial crisis of 2008, including the Volcker Rule.[6]

Background

After working a few years as a lawyer, Powell began a career in investment banking in 1984, working at Dillon, Read and Company in New York. He later became under secretary for finance to Treasury Secretary Nicholas F. Brady, who had been chairman of Dillon Read.

In 1993, he joined Bankers Trust, but left a couple of years later after several clients lost money in derivative deals with the bank. He was a partner at The Carlyle Group starting in 1997 and built his fortune there.[7]

During his time working for the U.S. government, Powell focused on policy for financial institutions and the treasury debt market, among others.

He was a founding chair of the Center City Consortium, a group of 16 low-income parochial schools in the Washington D.C. area.

In May 2011, Powell indicated that he took issue with the Republican party's risking default by opposing an increase of the U.S. debt limit.[8]

Professional Organizations

  • D.C. Prep, Board of Directors
  • Bendheim Center for Finance at Princeton University, Board of Directors
  • The Nature Conservancy of Washington, D.C. and Maryland, Board of Directors

Education

He studied politics at Princeton University (1975) and earned a law degree from Georgetown University Law Center (1979), where he was editor in chief of the Georgetown Law Journal.[9]

References

  1. New Fed chair sworn in as Dow drops 600 points. NBC News.
  2. President Trump Says Jerome Powell Is His Choice to Lead Federal Reserve. The Wall Street Journal.
  3. Senate Confirms Jerome Powell as Federal Reserve Chairman. The Wall Street Journal.
  4. Board of Governors Bio, Jerome Powell. The U.S. Federal Reserve.
  5. Obama to Name Two Fed Board Nominees. WSJ.
  6. Trump to Tap Jerome Powell as Next Fed Chairman. The Wall Street Journal.
  7. Who is Jerome Powell: Trump's Pick for Fed Chairman. The New York Times.
  8. Obama to Choose Powell, Stein for Fed Board. Bloomberg.
  9. Who is Jerome Powell: Trump's Pick for Fed Chairman. The New York Times.