Every decision made by the U.S. Federal Reserve is very important, to say the least. So, it is not surprising that people want to know more about its leadership. The current chair of the Federal Reserve is Jerome Powell.
It is worth mentioning that Jerome Powell has been a member of the Board of Governors of the Federal Reserve System since May 25, 2012, appointed by Barack Obama to fill an unexpired term. Jerome Powell was reappointed by Barack Obama and sworn in on June 16, 2014, for a term that expires on Jan. 31, 2028.
He became the Fed chair on Feb. 5, 2018, after being nominated for that post by Donald Trump and confirmed by the U.S. Senate. Interestingly, his four-year term expired on Feb. 5, 2022; however, Powell retained his post. Powell has sworn in again in May 2022 for his second term.
Powell’s second term will focus on managing monetary issues that are impacting the country, such as the war in Ukraine, economic issues related to coronavirus, global supply chain problems, as well as rising inflation.
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Biography of Jerome Powell
The Federal Reserve’s current boss, Jerome Hayden Powell, was born on Feb. 4, 1953, in Washington, D.C. Jerome Powell’s father was an attorney, and his mother was a mathematician.
He received an A.B. in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979. While at Georgetown, Federal Reserve’s future boss was editor-in-chief of the Georgetown Law Journal.
Important moments of his career
The U.S. Senate confirmed Jerome Powell to his present post as Fed chair based on strong bipartisan votes. In the last month of 2017, the Senate Banking Committee voted 22-1 in his favor, and only Sen. Elizabeth Warren voted against Powell. In January, the full Senate approved Powell’s nomination by a vote of 84-13.
Before joining the Board of Governors of the Federal Reserve System, Powell was a visiting scholar at the Bipartisan Policy Center in Washington. While working at the Bipartisan Policy Center, he focused on federal as well as state fiscal problems.
Furthermore, from 1997 through 2005, Powell was a partner at The Carlyle Group, a leading private equity and asset management firm.
As a reminder, from 1990 to 1993, he served as an assistant secretary and as undersecretary of the U.S. Department of the Treasury under President George H.W. Bush.
From 1984 to 1990, he worked as a lawyer as well as an investment banker in New York City.
In addition to service on corporate boards, Federal Reserve’s current chair has served on the boards of charitable as well as educational institutions, including the Bendheim Center for Finance at Princeton University.
Powell has been married for more than 35 years and is the father of three children. The Federal Reserve’s chair is an avid cyclist who occasionally rides his bike to work at the Federal Reserve.
One interesting fact: Jerome Powell was the first chair of the Federal Reserve in more than 40 years and didn’t hold a Ph.D. in economics.
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