History of Jerome Powell in Timeline
Jerome Powell is an American investment banker and lawyer currently serving as the 16th chair of the Federal Reserve since 2018. As chair, he leads the central banking system of the United States and plays a crucial role in shaping the nation's monetary policy, influencing interest rates, and overseeing financial institutions. His decisions impact the overall economic stability and growth of the country.
February 4, 1953: Jerome Powell's birth
On February 4, 1953, Jerome Hayden "Jay" Powell was born. He would later become an investment banker, lawyer, and the 16th chair of the Federal Reserve.
1971: Graduation from Georgetown Preparatory School
In 1971, Jerome Powell graduated from Georgetown Preparatory School.
1975: Graduation from Princeton University
In 1975, Jerome Powell received a Bachelor of Arts in political science from Princeton University.
1979: Graduation from Georgetown University Law Center
In 1979, Jerome Powell graduated from Georgetown University Law Center with a Juris Doctor and was editor-in-chief of the Georgetown Law Journal.
June 1982: Fastest annual rise since June 1982
Prices for American consumers were rising at their fastest annual rate since June 1982.
1983: Joins Werbel & McMillen
In 1983, Jerome Powell moved to the law firm of Werbel & McMillen.
1984: Joins Dillon, Read & Co.
In 1984, Jerome Powell began working at investment bank Dillon, Read & Co., concentrating on financing, merchant banking, and mergers and acquisitions.
1985: Powell marries Elissa Leonard
In 1985, Jerome Powell married Elissa Leonard at the Episcopal Washington National Cathedral.
1987: Beginning of the GSFCI
In 1987, the Goldman Sachs US Financial Conditions Index (GSFCI) began.
1988: First member of the opposition party for such a position
Powell's nomination was the first time since 1988 that a president nominated a member of the opposition party for such a position.
1990: Vice President at Dillon, Read & Co.
By 1990, Jerome Powell had risen to the position of vice president at Dillon, Read & Co.
1990: Joins the Treasury Department
In 1990, Jerome Powell began working in the United States Department of the Treasury.
1992: Under Secretary of the Treasury for Domestic Finance
In 1992, Jerome Powell became the Under Secretary of the Treasury for Domestic Finance.
1992: Under Secretary of the Treasury
In 1992, Powell briefly served as under secretary of the Treasury for domestic finance under President George H. W. Bush.
1993: Managing Director at Bankers Trust
In 1993, Jerome Powell began working as a managing director for Bankers Trust.
1993: Leaves the Treasury Department
In 1993, Jerome Powell left the United States Department of the Treasury.
1996: Greenspan's "irrational exuberance" quote
In 1996, Alan Greenspan made the famous quote "irrational exuberance."
1997: Partner at The Carlyle Group
In 1997, Jerome Powell became a partner at The Carlyle Group.
2005: Leaves Carlyle Group
In 2005, Powell left Carlyle Group and founded Severn Capital Partners, a private investment firm.
2008: Managing Partner of Global Environment Fund
In 2008, Jerome Powell became a managing partner of the Global Environment Fund.
2010: Visiting Scholar at the Bipartisan Policy Center
In 2010, Jerome Powell became a visiting scholar at the Bipartisan Policy Center.
2010: Powell on the board of governors of Chevy Chase Club
In 2010, Jerome Powell served on the board of governors of Chevy Chase Club, a country club.
2010: Visiting Scholar
In 2010, Powell became 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, Jerome Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama.
2011: United States debt-ceiling crisis of 2011
In 2011, Powell worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011.
May 25, 2012: Took office on Federal Reserve Board of Governors
On May 25, 2012, Jerome Powell took office as a member of the Federal Reserve Board of Governors, filling the unexpired term of Frederic Mishkin.
September 2012: Skeptic of Quantitative Easing 3
In September 2012, Powell was a skeptic of round 3 of quantitative easing (QE3), although he eventually voted for it.
2012: Federal Reserve Board of Governors
In 2012, Barack Obama nominated Jerome Powell to become a member of the Federal Reserve Board of Governors.
2012: End of Visiting Scholar Role
In 2012, Jerome Powell concluded his role as a visiting scholar at the Bipartisan Policy Center.
2012: Returns to public service
In 2012, Powell returned to public service from Bipartisan Policy Center.
2013: Endorses 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 of Governors.
June 2014: Confirmed by the United States Senate
In June 2014, Jerome Powell was confirmed by the United States Senate for a 14-year term on the Federal Reserve Board of Governors.
April 2017: Heads bank oversight committee
In April 2017, Jerome Powell was assigned to head the bank oversight committee.
July 2017: Speech on Fannie Mae and Freddie Mac
In a July 2017 speech, Powell stated that the status quo regarding Fannie Mae and Freddie Mac was "unacceptable" and unsustainable.
October 2017: Speech on Financial System Safety
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 and must be preserved. He also stated that the Volcker Rule should be re-written to exclude smaller banks.
November 2, 2017: Nomination as Federal Reserve Chair
On November 2, 2017, President Donald Trump nominated Powell to serve as the chair of the Federal Reserve, replacing Janet Yellen.
January 23, 2018: Senate Confirmation
On January 23, 2018, Powell's nomination was confirmed by the Senate by an 84–13 vote.
February 5, 2018: Assumes office as chair
On February 5, 2018, Powell assumed office as chair of the Federal Reserve.
2018: Powell becomes Chair of the Federal Reserve
In 2018, Jerome Powell became the 16th chair of the Federal Reserve.
2018: Becomes Federal Reserve Chairman
In 2018, Jerome Powell became the federal reserve chairman.
2018: Raising US Interest Rates
In 2018, Powell continued to raise US interest rates in response to the increasing strength of the US economy. He also announced that the Fed would reduce its asset portfolio from US$4.5 trillion to a range of US$2.5–3 trillion over four years in a process called quantitative tightening.
October 2019: Return to Balance Sheet Expansion
In October 2019, Powell announced that the Fed would return to expanding its balance sheet, leading to a global rally in assets. The Fed's actions were not called quantitative easing, but some dubbed them as being QE4.
2019: Powell's net worth estimated
As of 2019, based on public filings, Jerome Powell's net worth was estimated to be in the range of $20 to $55 million. He has served on the boards of charitable and educational institutions including DC Prep, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy.
2019: Abandoning Quantitative Tightening
In early 2019, Powell abandoned quantitative tightening, leading to a recovery in asset prices. Over the summer of 2019, as a trade war with China escalated, Trump criticized the Fed's policies as "insane" and labelled Powell an "enemy."
2019: Acceptance of asset price inflation
The Fed's acceptance of asset price inflation from 2019 onwards resulted in levels of wealth inequality not seen in the United States since the 1920s.
June 2020: Jim Grant likens Powell's policy to drug dealing
In June 2020, Jim Grant compared Jerome Powell's policy to drug dealing, referring to him as "the Fed's Dr. Feelgood," criticizing the expansion of credit through repo contracts.
July 2020: Jim Cramer defends Powell's monetary policy
In July 2020, CNBC host Jim Cramer defended Jerome Powell's monetary policy, stating he was "sick and tired of hearing that we're in a bubble, that Powell's overinflating the price of stocks by printing money to keep the economy moving".
August 2020: Bloomberg News calls Powell's policy "exuberantly asymmetric"
In August 2020, Bloomberg News described Jerome Powell's policy as "exuberantly asymmetric", likening it to Alan Greenspan's "irrational exuberance" quote from 1996, and suggested that the "Powell Put" had become more extreme than the "Greenspan Put."
August 2020: Investors warn of dangerous speculative bubble
In August 2020, investors Leon Cooperman and Seth Klarman cautioned about a perilous "speculative bubble", noting that market psychology was "unhinged from market fundamentals".
September 2020: Powell defends Fed actions
In September 2020, during a testimony, Jerome Powell stated that the actions taken by the Federal Reserve were not intended to alleviate any pain on Wall Street.
November 2020: 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 and their profitability for Wall Street.
November 19, 2020: Return of Unused Crisis Funds
On November 19, 2020, Powell agreed to return unused crisis funds to the United States Treasury after disagreeing with Treasury Secretary Steve Mnuchin. Both urged Congress to approve more stimulus.
December 2020: Powell's monetary policy deemed loosest in history
By December 2020, Jerome Powell's monetary policy, as measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest since 1987, creating simultaneous asset bubbles across major asset classes in the United States. Powell also won the 2020 Forbes Person Of The Year In Crypto.
December 2020: Powell defends high asset prices using the Fed model
In December 2020, Jerome Powell defended high asset prices by referencing the Fed model, suggesting that high P/Es might be less relevant in a world with historically low 10-year Treasury returns. Edward Yardeni warned Powell's actions could form the greatest financial bubble in history.
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, which included a dramatic expansion of the Fed's balance sheet and introduction of new tools, including the direct purchase of corporate bonds and direct lending programs.
January 2021: Warning about Wealth Inequality
In January 2021, Edward Luce of the Financial Times warned that the Fed's use of asset purchases, and the resultant widening of wealth inequality, could lead to political and social instability in the United States.
April 2021: Powell addresses housing bubble concerns
In April 2021, Jerome Powell addressed concerns about a potential housing bubble, similar to the one preceding the Great Recession, stating that unsustainable prices and bad loans were not apparent.
August 2021: Powell expects the Fed to reduce economic support
In August 2021, Jerome Powell anticipated the Federal Reserve would reduce economic support later in the year and retire the term "transitory" when describing inflation.
August 2021: Progressive Democrats call for Powell's replacement
In August 2021, progressive Democrats, including Alexandria Ocasio-Cortez, urged President Joe Biden to replace Jerome Powell, criticizing his handling of climate change risks to the financial system.
September 2021: Senator Warren criticizes Powell's financial regulation record
In September 2021, Senator Elizabeth Warren criticized Jerome Powell's financial regulation track record, deeming him a "dangerous man to head up the Fed."
November 2021: Inflation Surge and Policy Shift
Following President Biden's renomination of Powell, the Fed Chairman retired his previous words "transitory inflation", and indicated a reduction in quantitative easing (QE) and mortgage-backed security (MBS) purchases due to the 2021 inflation surge, with the consumer price index (CPI) in November 2021 having reached 6.8%.
November 22, 2021: Powell renominated for second term
On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as chair of the Federal Reserve.
December 2021: CPI hits 7%
In December 2021, the most recent CPI reading hit 7%.
January 3, 2022: Powell's initial nomination returned to President Biden
On January 3, 2022, Jerome Powell's initial nomination for Federal Reserve chair expired and was returned to President Joe Biden.
January 11, 2022: Senate Banking Committee holds hearings on Powell's nomination
On January 11, 2022, hearings were held on Jerome Powell's nomination before the Senate Banking Committee.
February 2022: Expiration of term as chair
In light of his term as chair expiring in February 2022, many Democrats began to express opposition to Powell's reappointment.
March 2022: Central bank aims to raise rates
In March 2022, the central bank aimed to raise rates due to high inflation readings.
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 in a 22–1 vote.
May 12, 2022: Confirmed for Second Term
On May 12, 2022, Jerome Powell was confirmed to a second term as Federal Reserve Chair with an 80–19 vote.
May 12, 2022: Senate confirms Powell for another term
On May 12, 2022, the 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 chair
On May 23, 2022, Jerome Powell was sworn in for his second term as chair of the Federal Reserve.
2023: Inflation Surge
In 2023, quantitative easing (QE) and mortgage-backed security (MBS) purchases were reduced due to the 2021–2023 inflation surge.
April 2025: Trump expresses desire to terminate Powell
In April 2025, Donald Trump posted on Truth Social expressing his desire for Jerome Powell's termination.
January 31, 2028: End of term
Jerome Powell's 14-year term would have ended on January 31, 2028 had he not become the federal reserve chairman in 2018.
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