Jerome Powell facts for kids
Quick facts for kids
Jerome Powell
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Official portrait, 2022
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| 16th Chair of the Federal Reserve | |
| Assumed office February 5, 2018 |
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| President | Donald Trump Joe Biden |
| Deputy | Richard Clarida Lael Brainard Philip Jefferson |
| Preceded by | Janet Yellen |
| Member of the Federal Reserve Board of Governors | |
| Assumed office May 25, 2012 |
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| Nominated by | Barack Obama |
| Preceded by | Frederic Mishkin |
| Under Secretary of the Treasury for Domestic Finance | |
| In office April 7, 1992 – January 20, 1993 |
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| President | George H. W. Bush |
| Preceded by | Robert R. Glauber |
| Succeeded by | Frank N. Newman |
| Assistant Secretary of the Treasury for Financial Institutions | |
| In office 1990 – April 7, 1992 |
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| President | George H. W. Bush |
| Preceded by | David W. Mullins Jr. |
| Succeeded by | John Cunningham Dugan |
| Personal details | |
| Born |
Jerome Hayden Powell
February 4, 1953 Washington, D.C., U.S. |
| Political party | Republican |
| Spouse |
Elissa Leonard
(m. 1985) |
| Children | 3 |
| Education | Princeton University (BA) Georgetown University (JD) |
| Signature |  |
Jerome Hayden "Jay" Powell (born February 4, 1953) is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve.
Early life and education
Powell was born on February 4, 1953, in Washington, D.C., as one of six 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 1971, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school. He received a Bachelor of Arts in political science 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.
Career
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Powell moved to investment banking in 1984 and worked for several financial institutions, including as a partner of The Carlyle Group. In 1992, he briefly served as under secretary of the Treasury for domestic finance under President George H. W. Bush. Powell left Carlyle Group in 2005 and founded Severn Capital Partners, a private investment firm. He was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012 before returning to public service.
He became a member of the Federal Reserve Board of Governors after being nominated to the post by President Barack Obama in 2012, he was subsequently elevated to chairman by President Donald Trump (succeeding Janet Yellen) and renominated to the position by President Joe Biden. Powell built his reputation in Washington during the Obama administration as a consensus-builder and problem-solver.
Powell received bipartisan praise for the actions taken by the Federal Reserve in early 2022 to combat the financial effects of the COVID-19 pandemic. As the Federal Reserve continued to apply high levels of monetary stimulus to further raise asset prices and support growth, some observers perceived a disconnect between asset prices and the economy. Powell has responded by arguing that supporting the Fed's dual mandate of stable prices and full employment outweighed concern over high asset prices. Time said the scale and manner of Powell's actions had "changed the Fed forever" and shared concerns that he had conditioned Wall Street to unsustainable levels of monetary stimulus to artificially support high asset prices. In November 2020, Bloomberg News called Powell "Wall Street's Head of State", as a reflection of how dominant Powell's actions were on asset prices and how profitable his actions were for Wall Street.
Nearing the end of his first year in the White House, President Biden nominated Powell for a second term as Federal Reserve Chair and the Senate Banking Committee approved of his renomination with only one dissenting vote; he was confirmed to a second term in an 80–19 vote on May 12, 2022.
Personal life
Powell married Elissa Leonard in 1985 at the Episcopal Washington National Cathedral. They have three children and live in Chevy Chase Village, Maryland, where Elissa is chair of the board of managers of the village. In 2010, Powell was on the board of governors of Chevy Chase Club, a country club.
Based on public filings, as of 2019 Powell's net worth was estimated to be in a range between $20 and $55 million. Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy. He was also a founder of the Center City Consortium, a group of 16 parochial schools in the poorest areas of Washington, D.C.
Powell is a registered Republican and a longtime fan of American rock band the Grateful Dead.
See also
In Spanish: Jerome Powell para niños
