Here’s a look at the life of Federal Reserve Chairman Jerome “Jay” Powell.
Birth date: February 4, 1953
Birth place: Washington, DC
Birth name: Jerome Hayden Powell
Father: Jerome Powell, attorney
Mother: Patricia (Hayden) Powell, mathematician
Marriage: Elissa (Leonard) Powell (1985-present)
Children: Samuel, Lucy and Susie
Education: Princeton University, A.B. in Politics, 1975; Georgetown University, J.D., 1979
Was editor-in-chief of the Georgetown Law Journal.
Powell is the first chairman in 40 years not to hold a Ph.D. in economics.
Avid cyclist who has been known to ride his bike to work at the Fed.
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 Economics 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.
Quoted from Various Sources
Published for: WATPFC