Jerome Powell - Jerome H. Powell Biography

Jerome Powell was born on February 4, 1953 in Washington DC, United States.

Family:

He is a son of Jerome Powell who is a lawyer and World War II veteran, as well as Patricia Hayden Powell who worked part-time for the Republican National Committee who is a mathematician and statistician. He has Susan, Matthew, Tia, Libby and Monica as his siblings.

His upbringing was characterized by an overwhelming preoccupation with public service and politics.

Training

He schooled at Georgetown Preparatory School in Maryland. Afterward he joined Princeton University where he obtained B.A. in Political Science in 1975. He then proceeded to Georgetown University Law School from where he earned a J.D. degree in law in 1979.He was also an associate editor of the Georgetown Law Journal during that time.

Career:

When starting out as an attorney at Davis Polk & Wardwell, New York City law firm, his practice specialized in financial and regulatory issues. These early contacts were responsible for building up his knowledge of finance law and getting him influential connections within the industry.

In 1984, Powell transferred to Dillon Read & Co., an investment bank where he ultimately assumed various positions with increasing responsibilities.

Between 1989 and 1993, he served as Deputy Secretary or Under Secretary of the Treasury under George H.W. Bush covered banking policy and Treasury debt market respectively.

From 1997 through to 2005, Powell worked as a partner at The Carlyle Group which is a multi-national asset management company specializing in alternative investments and financial services. Later on that year, he set up Severn Capital Partners –a private equity firm.

Powell became a managing partner at Global Environment Fund (GEF),2020,a private equity/venture capital fund focused on renewable energy investments. As such between 2010-12, he played visiting fellow ‘s role for Bipartisan Policy Center before he returned to public service.

Federal Reserve Board of Governors:

Jerome Powell was appointed to the Federal Reserve Board of Governors in May 2012 by President Barack Obama. Several important issues were addressed during his term in office, including post-crisis financial regulation and policies to maintain the stability of the financial system.

His pragmatic approach and ability to work across partisan divides made him respected both inside and outside government. One of his notable achievements during this period was participating in regulatory overhaul of banks focusing on Basel III standards and Dodd-Frank Act. The banking sector was under his watch to ensure that banks had enough capital requirements, which played a major role in making sure there was stability in America’s finance department.

Federal Reserve Chairman:

He became Chairman of the Federal Reserve in February 2018 taking over from Janet Yellen after being nominated by President Donald Trump. This period witnessed a number of serious challenges, such as leading the economy through Coronavirus disease’s outbreak. In response to Covid-19 economic collapse, he took unprecedented steps like interest rates reduction up till its almost zero level alongside asset buying programs aimed at sustaining market liquidity.

Moreover, he has managed to keep the Federal Reserve free from political influence, reiterating the importance of basing monetary policy decisions on sound economic data and careful analysis. He adopted an approach that balanced between containing inflation and promoting employment opportunities as central tenets within the Fed’s mission statement.

However, Biden approved Powell's renomination for another four-year term as Chair in November 2021 and he was again sworn into office in May 2022 renewing his mandate.

Furthermore, aside from corporate boards that he has been serving on before he joined Princeton University Bendheim Center for Finance board as well as Nature Conservancy board for Washington D.C. & Maryland.

Personal life:

He married Elissa Leonard in 1985 who is known because she participates actively in local community activities with a focus towards helping people with developmental disabilities. They have three kids, Lucy, Susie and Sam.

Besides, he is a devoted reader of books and a lover of classical music.

Summary: 

Chairman of the Federal Reserve System since 2018 when he was appointed by President Donald Trump. He had worked in the legal and financial sectors for several years prior to joining the Board of Governors at the Federal Reserve in 2012. While leading this institution during Covid-19 pandemic, his practicality and effective leadership ensured worthwhile measures were put in place to save economies from collapsing.

Did you know...

He’s the first Chairman of the Federal Reserve who hasn't held a PhD degree in economics for over forty years now.

Charges

• 16th Chairman of the Federal Reserve
  Since February 5, 2018
• Member of the Federal Reserve Board of Governors
  Since May 25, 2012
• Under Secretary of the Treasury for Domestic Finance
  1992-1993
• Under Secretary of the Treasury for Financial Institutions
  1990-1992