History of Jerome Powell in Timeline

Jerome Powell is an American central banker and attorney who served as the 16th chair of the Federal Reserve from 2018 to 2026. Prior to his role at the Federal Reserve, Powell worked as a lawyer and investment banker in the private sector. He then transitioned into public service, ultimately 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.

1971: Graduation from Georgetown Preparatory School

In 1971, 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 Georgetown University Law Center with a Juris Doctor and was editor-in-chief of the Georgetown Law Journal.

1983: Move to Werbel & McMillen

In 1983, Powell moved to the law firm of Werbel & McMillen.

1984: Joins 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 Married Elissa Leonard

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

1988: First Nomination of Opposition Party Member

Powell's nomination in December 2011 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, Powell had risen to the position of vice president at Dillon, Read & Co.

1990: Joins the United States Department of the Treasury

In 1990, Powell began working in the United States Department of the Treasury.

1990: Entry into Public Service

In 1990, Powell entered public service, serving in the United States Treasury Department under President George H. W. Bush.

1992: Under Secretary of the Treasury for Domestic Finance

In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance.

1993: Works for Bankers Trust

In 1993, Powell began working as a managing director for Bankers Trust.

1993: Leaves Department of the Treasury

Powell left the United States Department of the Treasury in 1993.

1995: Leaves Bankers Trust

In 1995, Powell left Bankers Trust after the bank suffered reputational damage.

1997: Partner at Carlyle Group

From 1997, Powell was a partner at the Carlyle Group, founding and leading the Industrial Group within the Carlyle U.S. Buyout Fund.

2005: Founds Severn Capital Partners

After leaving Carlyle, in 2005, Powell founded Severn Capital Partners, a small private equity firm.

2008: Managing Partner at Global Environment Fund

In 2008, Powell became a managing partner of the Global Environment Fund.

2010: Powell Served on 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 Bipartisan Policy Center

In 2010, Powell became a visiting scholar at the Bipartisan Policy Center.

December 2011: Nomination to Federal Reserve Board of Governors

In December 2011, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama.

2011: Worked on Debt Ceiling Crisis

During the United States debt-ceiling crisis of 2011, Powell worked on getting Congress to raise the United States debt ceiling.

May 25, 2012: Took Office

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

September 2012: Skeptic of QE3

In September 2012, Powell was a skeptic of round 3 of quantitative easing (QE3), though he eventually voted for it.

2012: End of Visiting Scholar Role

In 2012, Powell concluded his time as a visiting scholar at the Bipartisan Policy Center.

2012: Appointment to the Federal Reserve Board of Governors

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

2013: Endorsement of Financial Regulation

In 2013, Powell endorsed financial regulation to end the problem of institutions that are too big to fail, while urging that it should be implemented carefully.

June 2014: Reappointment to Board of Governors

In June 2014, Powell was reappointed to the Board of Governors for a full 14-year term.

April 2017: Heads Bank Oversight Committee

In April 2017, Powell was assigned to head the bank oversight committee.

July 2017: Comments on Fannie Mae and Freddie Mac

In a July 2017 speech, Powell said that the status quo regarding Fannie Mae and Freddie Mac is "unacceptable" and unsustainable, warning that the next few years may be the last best chance to address their ultimate status.

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, while also stating that the Volcker Rule should be re-written to exclude smaller banks.

November 2, 2017: Nomination as Federal Reserve Chairman

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

January 23, 2018: Confirmation by the Senate

On January 23, 2018, Powell's nomination as chairman of the Federal Reserve was confirmed by the Senate.

February 5, 2018: Assumes Office as Chair

On February 5, 2018, Powell assumed office as chair of the Federal Reserve.

July 2018: Trump Expresses Displeasure with Powell's Interest Rate Hikes

In July 2018, President 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 consistent criticism of Powell's monetary policy decisions.

2018: Powell becomes Federal Reserve Chair

In 2018, Jerome Powell became the 16th chair of the Federal Reserve.

2018: Powell Elevated to Chair

In 2018, President Donald Trump elevated Powell to Chair of the Federal Reserve.

2018: Raising Interest Rates

In 2018, one of Powell's first actions as chair was to continue raising US interest rates in response to the increasing strength of the US economy. He also announced quantitative tightening.

January 2019: Powell States He Would Not Resign If Asked By Trump

In January 2019, Jerome Powell publicly stated that he would not resign from his position as Federal Reserve Chair if asked to do so by President Trump, amidst ongoing criticism and pressure from the President regarding interest rate policies.

February 2019: White House Counsel Examines Possibility of Firing Powell

In February 2019, after Powell announced another interest rate increase, Bloomberg News reported that the Office of White House Counsel examined President Trump's request to determine if he could legally fire Powell.

October 2019: Return to Expanding Balance Sheet

In October 2019, as asset prices waned, Powell announced the Fed would return to expanding its balance sheet, leading to a global rally in assets. Some dubbed this QE4.

2019: Powell's Net Worth Estimated

In 2019, Jerome Powell's net worth was estimated to be between $20 and $55 million based on public filings.

2019: Powell abandons Quantitative Tightening

In early 2019, Powell abandoned quantitative tightening, leading to a recovery in asset prices.

2019: Fed 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.

March 2020: Trump Claims He Could Fire Powell Amid COVID-19 Pandemic

In March 2020, amidst the initial onset of the COVID-19 pandemic in the United States, President Trump repeated his claim that he could fire Jerome Powell, although he tempered his comments afterwards.

June 2020: Compared to Drug Dealing

In June 2020, Jim Grant likened Powell's policy to drug dealing, calling him "the Fed's Dr. Feelgood."

July 2020: Jim Cramer's Comments

In July 2020, CNBC host Jim Cramer defended Powell's actions, stating he was "sick and tired of hearing that we're in a bubble".

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."

September 2020: Testimony on Wall Street Relief

In a September 2020 testimony, Powell said: "Our actions were in no way an attempt to relieve pain on Wall Street."

November 19, 2020: Return of Crisis Funds

On November 19, 2020, Powell agreed to return unused crisis funds to the United States Treasury and urged Congress to approve more stimulus.

2020: Stock Market Decline

In 2020, Powell's tenure saw a broad uplift in financial markets, apart from two stock markets declines in 2020 and 2022.

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 expansion of the Fed's balance sheet and direct purchase of corporate bonds.

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.

August 2021: Progressive Democrats Call for Powell's Replacement

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 Warren Criticizes Powell's Financial Regulation Record

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

November 2021: Consumer Price Index Reached 6.8%

Following 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 President Biden

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

2021: Re-Nomination by President Biden

In 2021, President Joe Biden re-nominated Powell to chair the Federal Reserve.

2021: Navigating Inflation Surge

In 2021, the Federal Reserve under Powell navigated the economic impact of the COVID-19 pandemic along with the 2021-2023 inflation surge, and global trade instability.

January 3, 2022: Initial Nomination Expires and 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, hearings were held on Jerome Powell's nomination before the Senate Banking Committee.

February 2022: Expiration of Term as Chair

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

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

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

In response to high inflation, the U.S. Federal Reserve began its rate hike cycle on March 17, 2022 when it raised rates by 25 basis points.

May 12, 2022: Senate Confirms Powell for Another Term as Chair

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

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

Jerome Powell was sworn in for his second term as Federal Reserve Chair on May 23, 2022.

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

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

2022: Stock Market Decline

In 2022, Powell's tenure saw a broad uplift in financial markets, apart from two stock markets declines in 2020 and 2022.

July 2023: Central Bank Hiked Rates Ten More Times Through July 2023

In response to high inflation, the central bank proceeded to hike rates ten more times through July 2023—raising the benchmark rate by 5.25% cumulatively.

2023: Reduction in quantitative easing

2023: Navigating Inflation Surge

In 2023, the Federal Reserve under Powell navigated the economic impact of the COVID-19 pandemic along with the 2021-2023 inflation surge, and global trade instability.

April 2025: Trump Calls for Powell's Termination on Truth Social

In April 2025, Donald Trump posted on Truth Social that "Powell's termination cannot come fast enough!" expressing his continued disapproval regarding the Fed's maintenance of higher interest rates.

June 2025: Powell Testified Before the Senate Banking Committee

In June 2025, Powell testified before the Senate Banking Committee, concerning, in part, a multi-year project to renovate historic Federal Reserve office buildings. This testimony later became the subject of a criminal indictment.

July 2025: Powell Subject of Federal Investigation Related to Congressional Testimony

In July 2025, Jerome Powell became the subject of a federal investigation related to his congressional testimony. Politico reported that Russell Vought, the director of the Office of Management and Budget, was investigating a $2.5 billion renovation to the Eccles Building that could serve as the basis for a "for cause" removal.

July 16, 2025: Reports Surface of Trump Penning 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 those reports to reporters at the White House.

September 2025: Majority of Americans Oppose Trump Replacing Fed Members

Polling from September 2025 found that 70% of Americans thought Trump should not replace Federal Reserve members who disagreed with him, showcasing public support for the Fed's independence.

January 11, 2026: Powell States Department of Justice Served the Federal Reserve with Grand Jury Subpoenas

On January 11, 2026, Jerome Powell stated 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, which concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings.

March 2026: Judge Quashes Grand Jury Subpoenas Against Powell

In March 2026, Judge James Boasberg quashed the grand jury subpoenas against Jerome Powell, writing in his ruling, "There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the president or to resign and make way for a Fed Chair who will." He continued, "On the other side of the scale, the government has offered no evidence whatsoever that Powell committed any crime other than displeasing the president.”

April 2026: Department of Justice Drops Investigation

US Attorney Jeanine Pirro announced in April 2026 that the Department of Justice is dropping the investigation against Jerome Powell.

May 2026: Republican Senator Opposes Any Federal Reserve Nomination Until Legal Matter is Resolved

In response to the investigation announcement, Republican U.S. Senator Thom Tillis, who sits on the Senate Banking Committee, 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.