Career Timeline of Jerome Powell: Major Achievements and Milestones

How Jerome Powell built a successful career. Explore key moments that defined the journey.

Jerome Powell is an American investment banker and lawyer currently serving as the 16th chair of the Federal Reserve, a position he has held since 2018. He is expected to remain in this role at least through 2026, including during a potential second presidency of Donald Trump. His leadership at the Federal Reserve places him at the center of US monetary policy.

Sections (3)

Full Timeline Career & Achievements Challenges & Struggles

1983: Moves to Werbel & McMillen

In 1983, Powell moved to the law firm of Werbel & McMillen after working at Davis Polk & Wardwell.

1984: Joins Dillon, Read & Co.

In 1984, Powell began working at the investment bank Dillon, Read & Co. (now under UBS).

1988: First Opposition Nomination Since 1988

Powell's nomination in 2011 was the first time since 1988 that a president nominated a member of the opposition party for such a position.

1990: Joins US Department of the Treasury

In 1990, Powell joined the United States Department of the Treasury.

1990: Leaves Dillon, Read & Co.

In 1990, Powell left the investment bank Dillon, Read & Co.

1992: Under Secretary of the Treasury

In 1992, Jerome Powell briefly served as under secretary of the Treasury for domestic finance under President George H. W. Bush.

1992: Under Secretary of the Treasury for Domestic Finance

In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush.

1993: Joins Bankers Trust

In 1993, Powell began working as a managing director for Bankers Trust.

1993: Leaves US Department of the Treasury

In 1993, Powell left the United States Department of the Treasury.

1995: Leaves Bankers Trust

In 1995, Powell left Bankers Trust after the bank suffered reputational damage.

1997: Joins The Carlyle Group

From 1997, Powell was a partner at The Carlyle Group.

2005: Founds Severn Capital Partners

In 2005, Powell left Carlyle Group and founded Severn Capital Partners, a private investment firm.

2005: Leaves The Carlyle Group

In 2005, Powell left The Carlyle Group.

2008: Managing Partner of Global Environment Fund

In 2008, Powell became a managing partner of the Global Environment Fund.

2010: Visiting Scholar at Bipartisan Policy Center

From 2010, Powell was a visiting scholar at the Bipartisan Policy Center before returning to public service.

December 2011: Nominated to Federal Reserve Board of Governors

In December 2011, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama.

2011: Worked on US Debt-Ceiling Crisis

In 2011, while a visiting scholar, Powell worked on getting Congress to raise the United States debt ceiling during the crisis.

May 25, 2012: Takes Office on Federal Reserve Board

On May 25, 2012, Jerome Powell took office on the Federal Reserve Board of Governors, filling the unexpired term of Frederic Mishkin.

September 2012: QE3 Skeptic

In September 2012, Powell was skeptical of round 3 of quantitative easing (QE3), although he eventually voted for it.

2012: End of time as Visiting Scholar

In 2012, Powell finished his time as a visiting scholar at the Bipartisan Policy Center before returning to public service.

2012: End of Visiting Scholar Role

In 2012, Powell finished his time as visiting scholar at the Bipartisan Policy Center.

2012: Federal Reserve Board of Governors Member

In 2012, President Barack Obama nominated Jerome Powell to become a member of the Federal Reserve Board of Governors.

2013: Endorsed Financial Regulation

In 2013, Powell endorsed financial regulation to end the problem of institutions that are too big to fail.

January 2014: Nominated for Another Term

In January 2014, Jerome Powell was nominated for another term on the Federal Reserve Board.

June 2014: Confirmed by the Senate

In June 2014, Jerome Powell was confirmed by the United States Senate for a 14-year term on the Federal Reserve Board.

April 2017: Assigned to Head Bank Oversight Committee

In April 2017, Powell was assigned to head the bank oversight committee.

July 2017: Speech on Fannie Mae and Freddie Mac

In a July 2017 speech, Powell said that the status quo regarding Fannie Mae and Freddie Mac is "unacceptable" and unsustainable.

October 2017: Speech on Dodd-Frank Act

In an October 2017 speech, Powell stated that higher capital and liquidity requirements and stress tests from the Dodd–Frank Wall Street Reform and Consumer Protection Act have made the financial system safer.

November 2, 2017: Nominated as Chair of the Federal Reserve

On November 2, 2017, President Donald Trump nominated Powell to serve as the chair of the Federal Reserve.

January 23, 2018: Nomination Confirmed by Senate

On January 23, 2018, Jerome Powell's nomination to be chair of the Federal Reserve was confirmed by the Senate.

February 5, 2018: Assumes Office as Chair

On February 5, 2018, Jerome Powell assumed office as chair of the Federal Reserve.

2018: Powell Becomes Federal Reserve Chair

In 2018, Jerome Powell assumed the position of the 16th chair of the Federal Reserve.

2018: Raising Interest Rates

In 2018, one of Powell's first actions as chair of the federal reserve was to continue to raise US interest rates.

October 2019: Return to Expanding Balance Sheet

In October 2019, Powell announced the Federal Reserve would return to expanding its balance sheet, which led to a global rally in assets, actions some dubbed as QE4.

2019: Abandoned Quantitative Tightening

In early 2019, Powell abandoned quantitative tightening, leading to a recovery in asset prices.

September 2020: Powell defends Fed actions, denying relief for Wall Street

In a September 2020 testimony, Jerome Powell stated that the Federal Reserve's actions were in no way an attempt to relieve pain on Wall Street.

November 2020: Bloomberg calls Powell "Wall Street's Head of State"

In November 2020, Bloomberg News called Powell "Wall Street's Head of State", reflecting the dominance of his actions on asset prices.

November 19, 2020: Agrees to Return Unused Crisis Funds

On November 19, 2020, after disagreeing with Treasury Secretary Steve Mnuchin, Powell agreed to return unused crisis funds to the United States Treasury.

2020: Actions to Counter COVID-19 Pandemic Impact

In early 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic.

November 22, 2021: Powell renominated for a second term by President Biden

On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as chair of the Federal Reserve.

January 11, 2022: Hearings held on Powell's nomination before the Senate Banking Committee

On January 11, 2022, hearings were held on Jerome Powell's nomination before the Senate Banking Committee.

March 16, 2022: Senate Banking Committee favorably reported Powell's nomination

The Senate Banking Committee favorably reported Jerome Powell's nomination to the Senate floor on March 16, 2022, with a vote of 22-1.

May 12, 2022: Confirmed for Second Term

On May 12, 2022, Jerome Powell was confirmed to a second term as Federal Reserve Chair in an 80–19 vote.

May 23, 2022: Powell sworn in for his second term as chair

On May 23, 2022, Jerome Powell was sworn in for his second term as chair of the Federal Reserve.

2026: Expected End of Term

It is expected that Jerome Powell will remain in his position during the second Presidency of Donald Trump at least through 2026.

January 31, 2028: End of 14-Year Term

Jerome Powell's 14-year term on the Federal Reserve Board would have ended on January 31, 2028, had he not become the federal reserve chairman in 2018.