History of Jerome Powell in Timeline

Share: FB Share X Share Reddit Share Reddit Share
Jerome Powell

Jerome Hayden "Jay" Powell is an American investment banker and lawyer. He currently serves as the 16th chair of the Federal Reserve, a position he has held since 2018. As chair, he is responsible for guiding US monetary policy and plays a significant role in the country's economic stability. Powell's decisions on interest rates and other monetary tools impact inflation, employment, and overall economic growth.

1985: Powell married Elissa Leonard

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

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.

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, referring to him as "the Fed's Dr. Feelgood," due to the profits Wall Street investment banks were making from Powell's expansion of credit.

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" and that Powell was "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", suggesting the "Powell Put" had become more extreme than the "Greenspan Put," and warning that any attempt to abandon this strategy would trigger a sell-off.

August 2020: Investors warn of a dangerous speculative bubble

In August 2020, investors Leon Cooperman and Seth Klarman warned of a dangerous "speculative bubble," stating that market psychology was "unhinged from market fundamentals."

September 2020: Powell testifies on actions taken to relieve pain on Wall Street

In September 2020, Jerome Powell testified that the actions taken by the Federal Reserve were "in no way an attempt to relieve pain on Wall Street," despite Wall Street investment banks recording their best year in history by the end of 2020.

December 2020: Powell wins Forbes Person Of The Year In Crypto

By December 2020, Jerome Powell's monetary policy was the loosest in the history of the Goldman Sachs US Financial Conditions Index (GSFCI). Cryptocurrencies saw dramatic increases in price during 2020, leading Powell to win the 2020 Forbes Person Of The Year In Crypto.

December 2020: Powell defends high asset prices

In December 2020, Jerome Powell defended high asset prices using the Fed model, while Edward Yardeni, the model's author, warned Powell's actions could create the greatest financial bubble in history.

April 2021: Powell reassures concerns over a potential housing bubble

In April 2021, Jerome Powell reassured concerns over a potential housing bubble, similar to the one that preceded the Great Recession, stating, "we don't see bad loans and unsustainable prices and that kind of thing."

August 2021: Powell expects the Fed to reduce economic support

In August 2021, Jerome Powell expected the Fed to reduce economic support later in the year and considered inflation transitory.

August 2021: Progressive Democrats call on President Joe Biden to replace Powell

In August 2021, progressive Democrats, including Alexandria Ocasio-Cortez, called on President Joe Biden to replace Jerome Powell, criticizing him for failing to "mitigate the risk climate change poses to our financial system."

September 2021: Senator Elizabeth Warren criticizes Powell

In September 2021, Senator Elizabeth Warren, Democrat of Massachusetts, criticized Jerome Powell for his financial regulation track record and called him a "dangerous man to head up the Fed."

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

On November 22, 2021, Jerome Powell was renominated for a second term by President Joe Biden.

January 3, 2022: Powell's initial nomination expired

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: Powell's term as chair expiring

In light of Jerome Powell's term as chair expiring in February 2022, many Democrats began to express opposition to his reappointment.

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 in a 22–1 vote.

March 17, 2022: U.S. Federal Reserve began its rate hike cycle

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

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.

July 2022: US CPI peaked at 9.1% y/y

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

July 2023: The central bank hiked rates ten more times through July 2023

Through July 2023, the central bank proceeded to hike rates ten more times after March 17, 2022—raising the benchmark rate by 5.25% cumulatively.

April 2025: Trump posts on Truth Social regarding Powell's termination

In April 2025, Donald Trump posted on Truth Social that "Powell's termination cannot come fast enough!"

July 16, 2025: Reports of Trump penning a letter to dismiss Powell

On July 16, 2025, Trump reportedly penned a letter to dismiss Jerome Powell as Fed Chair. However, Trump later denied those reports to reporters at the White House.