Jerome Powell - Simple English Wikipedia, the free encyclopedia

Jerome Powell
Official portrait, 2022
16th Chair of the Federal Reserve
Assumed office
February 5, 2018
PresidentDonald Trump
Joe Biden
DeputyLael Brainard
Michael Barr
Preceded byJanet Yellen
Member of the Federal Reserve Board of Governors
Assumed office
May 25, 2012
PresidentBarack Obama
Donald Trump
Joe Biden
Preceded byFrederic Mishkin
Under Secretary of the Treasury for Domestic Finance
In office
April 7, 1992 – January 20, 1993
PresidentGeorge H. W. Bush
Preceded byRobert R. Glauber
Succeeded byFrank N. Newman
Personal details
Born
Jerome Hayden Powell

(1953-02-04) February 4, 1953 (age 71)
Washington, D.C., U.S.
Political partyRepublican
Spouse(s)
Elissa Leonard (m. 1985)
Children3
ResidenceChevy Chase, Maryland
EducationPrinceton University (AB)
Georgetown University (JD)
Net worth$55 million[1][2]

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.[3] 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.[4]

Early career[change | change source]

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[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.[8] His nomination was confirmed by the Senate on January 23, 2018 by a 85-12 vote.[9]

Chair of the Federal Reserve[change | change source]

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[change | change source]

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]

References[change | change source]

  1. ↑ 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". The Washington Post.
  2. ↑ 2.0 2.1 Gandel, Stephen (November 2, 2017). "Powell Is Trump's Kind of Rich". Bloomberg L.P.
  3. ↑ 3.0 3.1 Gensler, Lauren (November 2, 2017). "Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity". Forbes.
  4. ↑ GREENHOUSE, STEVEN (April 14, 1992). "New Duties Familiar To Treasury Nominee". The New York Times.
  5. ↑ "Banker Joins Dillon, Read". The New York Times. February 17, 1995.
  6. ↑ "Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury". University of California, Santa Barbara. April 9, 1992.
  7. ↑ "GEF Adds to Investment Team" (Press release). Business Wire. July 8, 2008.
  8. ↑ "PN1350 — Jerome H. Powell — Federal Reserve System". United States Senate.
  9. ↑ Lane, Sylvan (23 January 2018). "Senate confirms Jerome Powell as Fed chairman". TheHill.
  10. ↑ The Hill. "Senate confirms Jerome Powell as Fed chairman". Retrieved January 31, 2018.
  11. ↑ Egan, Matt (August 31, 2021). "Progressives led by AOC call for Biden to replace Fed Chair Powell". CNN.
  12. ↑ Thomas, Daniel (August 31, 2021). "Left-wing Democrats want Fed chief replaced". BBC.
  13. ↑ 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.
  14. ↑ https://twitter.com/SenateCloakroom/status/1524819854578024448?cxt=HHwWgICwqYbln6kqAAAA
  15. ↑ "ELISSA LEONARD WED TO JEROME H. POWELL". The New York Times. September 15, 1985.
  16. ↑ 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.

Other websites[change | change source]

Retrieved from "https://simple.wikipedia.org/w/index.php?title=Jerome_Powell&oldid=8935704"