History of Jerome Powell in Timeline

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.

Sections (3)

Full Timeline Career & Achievements Challenges & Struggles

February 4, 1953: Jerome Powell Born

On February 4, 1953, Jerome Hayden "Jay" Powell was born. He later became the 16th chair of the Federal Reserve in 2018.

1971: Graduated from Georgetown Preparatory School

In 1971, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school, marking a milestone in his early education.

1975: Graduated from Princeton University

In 1975, Powell received a Bachelor of Arts in political science from Princeton University after writing a senior thesis titled "South Africa: Forces for Change."

1979: Graduated from Georgetown University Law Center

In 1979, Powell graduated from Georgetown University Law Center with a Juris Doctor, having served as editor-in-chief of the Georgetown Law Journal.

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.

1985: Powell Marries Elissa Leonard

In 1985, Jerome Powell married Elissa Leonard at the Episcopal Washington National Cathedral.

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: Powell on the Board of Governors of Chevy Chase Club

In 2010, Jerome Powell was on the board of governors of Chevy Chase Club, a country club.

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.

September 2012: Skeptic of Quantitative Easing Round 3

In September 2012, Powell was initially skeptical of round 3 of quantitative easing (QE3), but he eventually voted in favor of it, showing a nuanced approach to monetary policy.

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.

July 2018: Trump Criticizes Powell for Raising Interest Rates

In July 2018, Donald Trump publicly stated in a CNBC interview that he was "not thrilled" with Jerome Powell for raising interest rates, marking the beginning of Trump's public criticism of Powell's monetary policy decisions.

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: Interest Rate Hikes and Quantitative Tightening

In 2018, Powell's early actions as Federal Reserve Chair included raising US interest rates and reducing the Fed's asset portfolio, leading to public criticism from President Trump.

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.

January 2019: Powell States He Will Not Resign If Asked

In January 2019, amid pressure from President Trump, Jerome Powell stated that he would not resign from his position as Federal Reserve Chair if asked to do so by Trump.

February 2019: White House Counsel Examines Possibility of Firing Powell

In February 2019, Bloomberg News reported that the Office of White House Counsel had examined Donald Trump's request to determine if he could legally fire Jerome Powell following another interest rate increase, due to Trump's dissatisfaction with Powell's policies.

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.

2019: Abandoned Quantitative Tightening

In early 2019, Powell abandoned quantitative tightening, leading to a recovery in asset prices, but also continued criticism from President Trump over the Fed's policies.

2019: Wealth Inequality Increase

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, leading to criticism and concerns about the economic impact.

March 2020: Trump Repeats Claim He Could Fire Powell

In March 2020, during the onset of the COVID-19 pandemic in the United States, President Trump reiterated his assertion that he had the authority to fire Jerome Powell as Federal Reserve Chair, although he later tempered these comments.

June 2020: Policy Likened to Drug Dealing

In June 2020, Jim Grant likened Powell's policy to drug dealing, calling him "the Fed's Dr. Feelgood," amidst discussions about the impact of the Fed's actions on Wall Street.

July 2020: Reactions to Economic Bubble Concerns

In July 2020, CNBC host Jim Cramer defended Powell's actions against claims of inflating the price of stocks, highlighting the ongoing debate about the economic impact of the Fed's policies.

August 2020: Bloomberg News calls Powell's policy "exuberantly asymmetric"

In August 2020, Bloomberg News described Jerome Powell's policy as "exuberantly asymmetric," drawing a comparison to Alan Greenspan's 1996 "irrational exuberance" quote, and noted that the "Powell Put" had become more extreme than the "Greenspan Put."

August 2020: Warnings of a Speculative Bubble

In August 2020, investors Leon Cooperman and Seth Klarman warned of a dangerous "speculative bubble," with market psychology "unhinged from market fundamentals," amidst concerns about market stability.

September 2020: Testimony on Actions to Relieve Pain on Wall Street

In a September 2020 testimony, Powell stated that the Fed's actions were "in no way an attempt to relieve pain on Wall Street," addressing concerns about the distribution of economic benefits.

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.

November 19, 2020: Returned 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, and both urged Congress to approve more stimulus.

December 2020: Powell Defends High Asset Prices Using Fed Model

In December 2020, Jerome Powell defended high asset prices by referencing the Fed model, arguing that high P/Es might be less relevant given the low 10-year Treasury yields. Edward Yardeni, the model's author, suggested Powell's actions could create the greatest financial bubble in history.

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: Financial market declines

In 2020, under Powell's leadership, the Federal Reserve navigated the economic impact of the COVID-19 pandemic, which saw financial market declines.

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.

January 2021: Warning of Political and Social Instability

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.

February 2021: Richard Cookson, Bloomberg quote

In February 2021, Richard Cookson from Bloomberg wrote about Jerome Powell.

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."

August 2021: Powell Expects Fed to Reduce Economic Support

In August 2021, Jerome Powell anticipated that the Federal Reserve would begin to reduce its economic support later in the year, while also acknowledging that his previous description of inflation as "transitory" was no longer accurate.

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 as Fed Chair, citing concerns about 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 track record on financial regulation, labeling him a "dangerous man" to lead the Federal Reserve.

November 2021: Consumer Price Index Reaches 6.8%

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 2021–2023 inflation surge, with the consumer price index (CPI) in November 2021 having reached 6.8%.

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.

2021: Navigating Inflation Surge

In 2021, under Powell's leadership, the Federal Reserve navigated the economic impact of the COVID-19 pandemic along with the inflation surge that lasted from 2021-2023.

January 3, 2022: Powell's Initial Nomination Returned to President Biden

Jerome Powell's initial nomination expired at the end of the year and was returned to President Biden on January 3, 2022.

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 2022: US CPI Peaks at 9.1% y/y

In July 2022, the US CPI—a widely used measure of inflation—peaked at 9.1% y/y.

2022: Financial market declines

In 2022, under Powell's leadership, the Federal Reserve navigated the economic impact of the COVID-19 pandemic, which saw financial market declines.

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.

2023: Navigating Inflation Surge

In 2023, the Federal Reserve was still navigating the economic impact of the COVID-19 pandemic along with the inflation surge that lasted from 2021-2023, under Powell's leadership.

April 2025: Trump Posts Disapproval of Powell on Truth Social

In April 2025, Donald Trump expressed his disapproval of the Federal Reserve's maintenance of higher interest rates and posted on Truth Social that "Powell's termination cannot come fast enough!"

July 2025: Powell Subject of Federal Investigation

In July 2025, Jerome Powell became the subject of a federal investigation related to his congressional testimony. Politico reported that Russell Vought was investigating a $2.5 billion renovation to the Eccles Building, potentially for a "for cause" removal.

July 16, 2025: Reports Surface of Trump's Letter to Dismiss Powell

On July 16, 2025, it was reported that Donald Trump penned a letter to dismiss Jerome Powell as Fed Chair, but Trump later denied these reports at the White House.

January 11, 2026: Powell Announces DOJ Served Federal Reserve with Grand Jury Subpoenas

On January 11, 2026, Jerome Powell announced that the Department of Justice had served the Federal Reserve with grand jury subpoenas two days earlier, threatening a criminal indictment related to his testimony in June 2025 before the Senate Banking Committee.

May 2026: Tillis Opposes Any Federal Reserve Nomination

In response to the investigation announcement, Republican U.S. Senator Thom Tillis announced that he would oppose any Federal Reserve nomination (including the vacancy of Powell's seat as chair in May 2026) until the legal matter was resolved.

January 31, 2028: End of Term as Member of the Board of Governors

Powell's term as a member of the Board of Governors is scheduled to end on January 31, 2028, marking the conclusion of his long tenure.

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