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 central banker currently serving as the 16th chair of the Federal Reserve since 2018. Prior to his role at the Fed, he worked as a lawyer and investment banker in the private sector. He then transitioned into public service, eventually leading the central bank of the United States.

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Full Timeline Career & Achievements Challenges & Struggles

1983: Moved to Werbel & McMillen

In 1983, Powell moved to the law firm of Werbel & McMillen after practicing at Davis Polk & Wardwell, furthering his legal career.

1984: Joined Dillon, Read & Co.

In 1984, Powell began working at the investment bank Dillon, Read & Co., concentrating on financing, merchant banking, and mergers and acquisitions.

1988: Nomination to Federal Reserve Board of Governors

In December 2011, Powell's nomination was the first time since 1988 that a president nominated a member of the opposition party for a position in the Federal Reserve Board of Governors.

1990: Entered Public Service

In 1990, Powell began his career in public service, taking on multiple positions within the United States Treasury Department under President George H. W. Bush.

1990: Worked at the United States Department of the Treasury

In 1990, Powell began working at the United States Department of the Treasury, coinciding with Nicholas F. Brady's tenure as the United States Secretary of the Treasury.

1990: Left Dillon, Read & Co.

In 1990, Powell ended his tenure at Dillon, Read & Co., where he had risen to the position of vice president, marking a change in his career path.

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, signifying a promotion within the Treasury Department.

1993: Managing Director for Bankers Trust

In 1993, Powell began working as a managing director for Bankers Trust, contributing to his extensive career in finance.

1993: Left the United States Department of the Treasury

In 1993, Powell concluded his work at the United States Department of the Treasury, marking a transition in his public service career.

1995: Left Bankers Trust

In 1995, Powell left Bankers Trust after the bank suffered reputational damage, prompting a change in his professional trajectory.

1997: Partner at the Carlyle Group

In 1997, Powell became a partner at the Carlyle Group, marking a significant point in his investment banking career.

2005: Founded Severn Capital Partners

In 2005, Powell founded Severn Capital Partners after leaving the Carlyle Group, focusing on specialty finance and opportunistic investments.

2008: Managing Partner of the Global Environment Fund

In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm investing in sustainable energy, marking his move towards sustainable investments.

2010: Visiting Scholar at the Bipartisan Policy Center

In 2010, Powell became a visiting scholar at the Bipartisan Policy Center in Washington, D.C., signaling a shift towards policy-related work.

December 2011: Nominated to Federal Reserve Board of Governors

In December 2011, Powell, along with Jeremy C. Stein, was nominated to the Federal Reserve Board of Governors by President Barack Obama.

2011: United States debt-ceiling crisis

In 2011, Powell worked at the Bipartisan Policy Center getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis.

May 25, 2012: Took Office on the Federal Reserve Board of Governors

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

2012: Member of the Federal Reserve Board of Governors

In 2012, Powell became a member of the Federal Reserve Board of Governors, nominated by President Barack Obama.

2012: End of Visiting Scholar Role

In 2012, Powell concluded his role as a visiting scholar at the Bipartisan Policy Center, having contributed to policy discussions.

2013: Endorsed Financial Regulation

In 2013, Powell endorsed financial regulation to address institutions that are too big to fail, emphasizing the importance of careful implementation.

June 2014: Reappointed to the Board of Governors

In June 2014, Powell was reappointed to the Board of Governors for a full 14-year term, following confirmation by the United States Senate.

April 2017: Assigned to Head Bank Oversight Committee

In April 2017, Powell was assigned to head the bank oversight committee, giving him a key role in financial regulation and supervision.

July 2017: Speech on Fannie Mae and Freddie Mac

In a July 2017 speech, Powell addressed the status quo of Fannie Mae and Freddie Mac, deeming it "unacceptable" and warning of the need to avoid "repeating the mistakes of the past."

October 2017: Speech on Financial System Safety

In an October 2017 speech, Powell emphasized that higher capital and liquidity requirements and stress tests from the Dodd–Frank Wall Street Reform and Consumer Protection Act have improved the safety of the financial system and should be preserved.

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

On November 2, 2017, President Donald Trump nominated Powell to serve as the chairman of the Federal Reserve, succeeding Janet Yellen.

January 23, 2018: Nomination Confirmed by Senate

On January 23, 2018, the Senate confirmed Powell's nomination to be the chair of the Federal Reserve by an 84–13 vote, paving the way for his leadership role.

February 5, 2018: Assumed Office as Chair

On February 5, 2018, Powell officially assumed office as the chair of the Federal Reserve, marking the beginning of his tenure at the helm of the central bank.

2018: Appointed Federal Reserve Chair

In 2018, Jerome Powell became the 16th chair of the Federal Reserve. Prior to this, he had a career as a lawyer and investment banker.

2018: Elevated to Chair of the Federal Reserve

In 2018, President Donald Trump elevated Powell to the position of Chair of the Federal Reserve, marking a significant milestone in his career.

October 2019: Return to Expanding Balance Sheet

In October 2019, Powell announced the Fed would return to expanding its balance sheet, which led to a global rally in assets and was dubbed by some as QE4.

November 2020: Powell's Actions Dominate Asset Prices; Called "Wall Street's Head of State"

In November 2020, Jerome Powell received both praise and criticism for the Federal Reserve's monetary actions taken to address the economic impact of the COVID-19 pandemic. Bloomberg News referred to Powell as "Wall Street's Head of State" due to the significant impact of his actions on asset prices.

December 2020: Powell's Monetary Policy Creates Asset Bubbles

In December 2020, Jerome Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest since 1987 and led to simultaneous asset bubbles in equities, housing, and bonds in the United States. Cryptocurrencies also saw price increases during 2020, leading to Powell being named Forbes Person Of The Year In Crypto.

2020: Response to COVID-19 Pandemic

In early 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic, including expanding the Fed's balance sheet and introducing new lending programs.

April 2021: Powell Reassures Concerns Over Housing Bubble

In April 2021, Jerome Powell addressed concerns about a potential housing bubble, similar to the one before the Great Recession, stating that the Fed did not observe "bad loans and unsustainable prices."

November 22, 2021: Powell Renominated for Second Term by Biden

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

2021: Renominated as Chair of the Federal Reserve

In 2021, President Joe Biden re-nominated Powell as Chair of the Federal Reserve, demonstrating bipartisan confidence in his leadership.

January 11, 2022: Senate Banking Committee Holds Hearings on Powell's Nomination

On January 11, 2022, the Senate Banking Committee conducted hearings on Jerome Powell's nomination for a second term as Federal Reserve Chair.

March 16, 2022: Senate Committee Favorably Reports Powell's Nomination

On March 16, 2022, the Senate Banking Committee favorably reported Jerome Powell's nomination to the Senate floor with a 22–1 vote. Senator Elizabeth Warren was the lone dissenter.

March 17, 2022: Federal Reserve Begins Rate Hike Cycle

On March 17, 2022, in response to high inflation, the U.S. Federal Reserve initiated its rate hike cycle, raising rates by 25 basis points.

May 12, 2022: U.S. Senate Confirms Powell for Second Term

On May 12, 2022, the full U.S. Senate confirmed Jerome Powell's nomination for another term as chair through May 2026 in an 80–19 vote.

May 23, 2022: Powell Sworn in for Second Term as Fed Chair

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

July 2023: Federal Reserve Concludes Rate Hikes

Through July 2023, the U.S. Federal Reserve hiked rates ten more times after the initial hike on March 17, 2022 raising the benchmark rate by 5.25% cumulatively.