History of Jerome Powell in Timeline
Jerome Hayden "Jay" Powell is an American investment banker and lawyer. Since 2018, he has served as the 16th chair of the Federal Reserve. Powell is expected to remain in his position at least through 2026.
1926: Birth of Mother
In 1926, Powell's mother, Patricia (née Hayden) was born.
February 4, 1953: Jerome Powell Born
On February 4, 1953, Jerome Hayden "Jay" Powell was born.
1971: Graduation from Georgetown Preparatory School
In 1971, Jerome Powell graduated from Georgetown Preparatory School.
1975: Graduation from Princeton University
In 1975, Powell received a Bachelor of Arts in political science from Princeton University.
1979: Graduation from Georgetown University Law Center
In 1979, Powell graduated from the Georgetown University Law Center with a Juris Doctor.
June 1982: Inflation rates rise to levels not seen since June 1982
Prices for American consumers are rising at their fastest annual rate since June 1982.
1983: Joined Werbel & McMillen
In 1983, Jerome Powell moved to the law firm of Werbel & McMillen.
1984: Worked at Dillon, Read & Co.
In 1984, Powell began working at Dillon, Read & Co., an investment bank.
1985: Powell married Elissa Leonard
In 1985, Jerome Powell married Elissa Leonard at the Episcopal Washington National Cathedral.
1987: Beginning of GSFCI
In 1987, the Goldman Sachs US Financial Conditions Index (GSFCI) began, and by December 2020, Powell's monetary policy was the loosest in its history.
1988: President nominated a member of the opposition party
Powell's nomination was the first time since 1988 that a president nominated a member of the opposition party for such a position.
1990: Worked at the United States Department of the Treasury
In 1990, Jerome Powell began working in the United States Department of the Treasury.
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.
1993: End of tenure at the Treasury
In 1993, Jerome Powell's tenure at the United States Department of the Treasury ended.
1993: Began Working for Bankers Trust
In 1993, Powell began working as a managing director for Bankers Trust.
1995: Left Bankers Trust
In 1995, Powell left Bankers Trust after the bank suffered reputational damage.
1996: Greenspan's "irrational exuberance" quote
In 1996, Alan Greenspan made the "irrational exuberance" quote, which was echoed in Bloomberg's description of Powell's policy in August 2020.
1997: Partner at The Carlyle Group
From 1997, Powell was a partner at The Carlyle Group.
2005: Founded Severn Capital Partners
In 2005, Powell left Carlyle Group and founded Severn Capital Partners, a private investment firm.
2007: Death of Father
In 2007, Powell's father, Jerome Powell passed away.
2008: Managing Partner of Global Environment Fund
In 2008, Powell became a managing partner of the Global Environment Fund.
2010: Powell on Chevy Chase Club board
In 2010, Jerome Powell was 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.
2010: Visiting Scholar at Bipartisan Policy Center
In 2010, Powell became a visiting scholar at the Bipartisan Policy Center.
2010: Death of Mother
In 2010, Powell's mother, Patricia (née Hayden) passed away.
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: Debt Ceiling Crisis Work
In 2011, as a visiting scholar, Powell worked on getting Congress to raise the United States debt ceiling.
May 25, 2012: Took Office as Governor
On May 25, 2012, Powell took office as a member of the Federal Reserve Board of Governors.
September 2012: Skeptic of Quantitative Easing
In September 2012, Powell was skeptical of round 3 of quantitative easing (QE3), although he eventually voted for it.
2012: End of Visiting Scholar Role
In 2012, Powell finished his time as a visiting scholar at the Bipartisan Policy Center.
2012: Appointment to Federal Reserve Board of Governors
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, while urging careful implementation.
January 2014: Nominated for Another Term
In January 2014, Powell was nominated for another term on the Federal Reserve Board of Governors.
June 2014: Confirmed for Another Term
In June 2014, Powell was confirmed by the United States Senate for another 14-year term on the Federal Reserve Board of Governors.
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 for 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 Act have made the financial system safer and must be preserved, while also stating that the Volcker Rule should be re-written to exclude smaller banks.
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: Senate Confirms Nomination
On January 23, 2018, the Senate confirmed Powell's nomination to be chair of the Federal Reserve.
February 5, 2018: Assumed Office as Chair
On February 5, 2018, Powell assumed office as chair of the Federal Reserve.
2018: Appointment as Federal Reserve Chair
In 2018, Jerome Powell began serving as the 16th chair of the Federal Reserve.
2018: Raised Interest Rates
In 2018, Powell continued to raise US interest rates, which drew public criticism from President Trump.
2018: Became Federal Reserve Chairman
Powell served as Governor, and then became Federal Reserve Chairman in 2018.
October 2019: Returned 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.
2019: Powell's net worth estimated between $20 and $55 million
Based on public filings, as of 2019 Jerome Powell's net worth was estimated to be in a range between $20 and $55 million.
2019: Fed's acceptance of asset price inflation
From 2019 onwards, the Fed's acceptance of asset price inflation resulted in levels of wealth inequality not seen in the United States since the 1920s.
2019: Abandoned Quantitative Tightening
In early 2019, Powell abandoned quantitative tightening, leading to a recovery in asset prices, though criticism from Trump continued.
June 2020: Jim Grant likens Powell's policy to drug dealing
In June 2020, Jim Grant compared Jerome Powell's monetary policy to "drug dealing", calling him "the Fed's Dr. Feelgood".
July 2020: Jim Cramer defends Powell's policy
In July 2020, CNBC host Jim Cramer defended Jerome Powell's monetary policy of printing money to keep the economy moving.
August 2020: Bloomberg calls Powell's policy "exuberantly asymmetric"
In August 2020, Bloomberg News described Jerome Powell's policy as "exuberantly asymmetric", suggesting the "Powell Put" had become more extreme than the "Greenspan Put".
August 2020: Investors warn 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".
September 2020: Powell defends Fed actions
In a September 2020 testimony, Jerome Powell stated that the Fed'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 dubbed Powell "Wall Street's Head of State," reflecting his dominant influence on asset prices and the profitability of his actions for Wall Street.
November 19, 2020: Agreed 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 and urged Congress to approve more stimulus.
December 2020: Powell's monetary policy loosest in GSFCI history
By December 2020, Jerome Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest in the history of the GSFCI (beginning in 1987), creating simultaneous asset bubbles.
December 2020: Powell defends high asset prices
In December 2020, Jerome Powell defended high asset prices by referencing the Fed model, leading to criticism and concerns about creating a financial bubble.
2020: Actions to Counter COVID-19 Impact
In 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic.
January 2021: 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 downplays housing bubble concerns
In April 2021, Jerome Powell dismissed concerns about a potential housing bubble, stating, "we don't see bad loans and unsustainable prices and that kind of thing."
August 2021: Powell anticipates reducing economic support
In August 2021, Jerome Powell expected the Fed to reduce economic support later in the year.
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.
September 2021: Senator Warren calls Powell "dangerous man to head up the Fed"
In September 2021, Senator Elizabeth Warren criticized Jerome Powell's financial regulation record and labeled him a "dangerous man to head up the Fed."
November 2021: High Inflation
In November 2021, the consumer price index (CPI) reached 6.8%, the highest level in 40 years.
November 22, 2021: Powell renominated for second term
On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair.
December 2021: CPI hits 7%
The most recent December 2021 CPI reading hit 7%.
January 3, 2022: Powell's initial nomination expires
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: Hearings held 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 Powell's term
February 2022 marked the expiration of Jerome Powell's term as chair, leading to opposition to his reappointment from some Democrats.
March 2022: Central bank aims to raise rates as soon as March 2022
In response to high inflation, the central bank aims to raise rates as soon as March 2022.
March 16, 2022: Committee favorably reported Powell's nomination
On March 16, 2022, the Senate Banking Committee favorably reported Jerome Powell's nomination to the Senate floor.
May 12, 2022: Confirmed for Second Term as Federal Reserve Chair
On May 12, 2022, Jerome Powell was confirmed by the Senate in an 80–19 vote for a second term as Federal Reserve Chair.
May 23, 2022: Powell sworn in for second term
Jerome Powell was sworn in for his second term as chair on May 23, 2022.
May 2026: Powell's second term extends through May 2026
Jerome Powell's nomination for another term as chair was confirmed through May 2026.
2026: Expected Term End
As of the writing of this entry, Jerome Powell is expected to remain in his position as chair during the second Presidency of Donald Trump at least through 2026.
