Jerome Hayden "Jay" Powell is an American investment banker and lawyer. Since 2018, he has served as the 16th chair of the Federal Reserve. This position makes him a key figure in managing the monetary policy of the United States.
In 1971, Jerome Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school.
In 1983, after working at Davis Polk & Wardwell, Powell moved to the law firm of Werbel & McMillen.
In 1984, Powell began working at investment bank Dillon, Read & Co. where he focused on financing, merchant banking, and mergers and acquisitions.
In 1985, Jerome Powell married Elissa Leonard at the Episcopal Washington National Cathedral.
By December 2020, Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest in the history of the GSFCI since it began in 1987.
In 1988, it was the first time a president nominated a member of the opposition party for such a position.
In 1990, Jerome Powell began working in the United States Department of the Treasury, when Nicholas F. Brady, the former chairman of Dillon, Read & Co., was the United States Secretary of the Treasury.
In 1990, Powell rose to the position of vice president at the investment bank Dillon, Read & Co.
In 1992, Jerome Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush, overseeing the investigation and sanctioning of Salomon Brothers and involved in negotiations that made Warren Buffett chairman.
In 1993, Jerome Powell began working as a managing director for Bankers Trust.
In 1993, Powell's time in the United States Department of the Treasury came to an end.
In 1995, Jerome Powell left Bankers Trust after it suffered reputational damage from complex derivative transactions that caused large losses for major corporate clients.
In 1996, Alan Greenspan used the term "irrational exuberance" to describe market behavior, a phrase that was later echoed in descriptions of Jerome Powell's policies in August 2020.
In 1997, Jerome Powell became a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund.
In 2005, after leaving Carlyle Group, Jerome Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.
In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.
In 2010, Jerome Powell became a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C., and worked on getting Congress to raise the United States debt ceiling.
In 2010, Jerome Powell was on the board of governors of Chevy Chase Club, a country club.
In December 2011, Jerome Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama.
In 2011, Jerome Powell worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis.
On May 25, 2012, Jerome Powell took office on the Federal Reserve Board of Governors, filling the unexpired term of Frederic Mishkin.
In September 2012, Powell was initially skeptical but eventually voted for round 3 of quantitative easing (QE3).
In 2012, Jerome Powell's time as visiting scholar at the Bipartisan Policy Center came to an end.
In 2013, Jerome Powell endorsed financial regulation to end the problem of institutions that are too big to fail.
In April 2017, Jerome Powell was assigned to head the bank oversight committee.
In a July 2017 speech, Jerome Powell stated that the status quo regarding Fannie Mae and Freddie Mac is unacceptable and unsustainable, expressing concerns about government responsibility for mortgage defaults and rigid lending standards.
In an October 2017 speech, Jerome 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.
On November 2, 2017, President Donald Trump nominated Jerome Powell to serve as the chairman of the Federal Reserve, replacing Janet Yellen.
In November 2017, Donald Trump nominated Jerome Powell as chair of the Federal Reserve.
In November 2017, Donald Trump nominated Jerome Powell to serve a four-year term as chair of the Federal Reserve.
On January 23, 2018, Jerome Powell's nomination to be chair of the Federal Reserve was confirmed by the Senate by an 84–13 vote.
On February 5, 2018, Jerome Powell assumed office as chair of the Federal Reserve.
In February 2018, Jerome Powell assumed the position as chair of the Federal Reserve. His tenure began with an effort to argue for the independence of the Federal Reserve and to avoid criticism from Trump.
In July 2018, U.S. president Donald Trump began a conflict with Jerome Powell, whom he nominated to the position in November 2017.
In 2018, Jerome Powell continued to raise US interest rates and announced the Fed would reduce its asset portfolio, which drew public criticism from President Trump.
In January 2019, Jerome Powell stated that he would not resign if asked to do so by Donald Trump, amidst ongoing pressure and criticism.
In February 2019, after Powell announced another interest rate increase the previous month, the Office of White House Counsel examined Trump's request to fire Powell.
In October 2019, Jerome Powell announced the Fed would return to expanding its balance sheet, leading to a global rally in assets, a move some dubbed QE4.
Based on public filings, as of 2019 Jerome Powell's net worth was estimated to be in a range between $20 and $55 million. Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy.
In early 2019, Jerome Powell abandoned quantitative tightening, leading to a recovery in asset prices, though President Trump continued to criticize him.
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.
In March 2020, during the onset of the COVID-19 pandemic in the United States, Donald Trump reiterated his claim that he could fire Jerome Powell, although he later tempered his remarks.
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 expansion of credit through repo contracts which generated significant profits for Wall Street investment banks.
In July 2020, CNBC host Jim Cramer defended Jerome Powell's monetary policy against accusations of inflating stock prices to keep the economy moving, stating he was tired of hearing about a bubble.
In August 2020, Bloomberg News described Jerome Powell's policy as "exuberantly asymmetric," noting that the "Powell Put" had become more extreme than the "Greenspan Put," referring to Alan Greenspan's policy from 1996.
In August 2020, investors Leon Cooperman and Seth Klarman cautioned about a potentially dangerous "speculative bubble" in the market, noting that market psychology was becoming "unhinged from market fundamentals."
In September 2020, Jerome Powell testified and stated, "Our actions were in no way an attempt to relieve pain on Wall Street," despite the criticism that his policies disproportionately benefited Wall Street investment banks.
On November 19, 2020, Jerome Powell, after disagreeing with Treasury Secretary Steve Mnuchin, agreed to return unused crisis funds to the United States Treasury and urged Congress to approve more stimulus.
By December 2020, Jerome Powell's monetary policy resulted in the loosest conditions in the history of the Goldman Sachs US Financial Conditions Index, leading to simultaneous asset bubbles and dramatic increases in cryptocurrency prices and resulting in him winning the 2020 Forbes Person Of The Year In Crypto.
In December 2020, Jerome Powell defended high asset prices using the Fed model, leading to criticism and concerns about a potential financial bubble.
In early 2020, Jerome 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 tools.
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.
In February 2021, Richard Cookson from Bloomberg commented on Jerome Powell's policy.
In April 2021, Jerome Powell addressed concerns about a potential housing bubble, stating that conditions were different from those preceding the Great Recession, as he did not see "bad loans and unsustainable prices".
In August 2021, Jerome Powell anticipated the Federal Reserve would reduce economic support later in the year. Powell, who had previously considered inflation to be transitory, stated that this term should be "retired".
In August 2021, progressive Democrats, including Alexandria Ocasio-Cortez, urged President Joe Biden to replace Jerome Powell, citing his failure to address the financial risks of climate change.
In September 2021, Senator Elizabeth Warren criticized Jerome Powell's financial regulation record and labeled him a "dangerous man to head up the Fed."
On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as chair of the Federal Reserve.
Jerome Powell's initial nomination expired at the end of the year and was returned to President Biden on January 3, 2022.
On January 11, 2022, hearings were held on Jerome Powell's nomination before the Senate Banking Committee.
In January 2022, Jerome Powell was nominated for another term.
In light of Jerome Powell's term as chair expiring in February 2022, many Democrats began to express opposition to his reappointment.
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 member to vote against his nomination.
On March 17, 2022, the U.S. Federal Reserve initiated its rate hike cycle, increasing rates by 25 basis points in response to high inflation.
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.
On May 23, 2022, Jerome Powell was sworn in for his second term as chair of the Federal Reserve.
In June 2022, Jerome Powell was confirmed by the United States Senate in a 67–24 vote for a 4-year term.
In July 2022, US CPI, a measure of inflation, peaked at 9.1% year-over-year.
In 2022, President Joseph Biden reappointed Jerome Powell for a second term as chair of the Federal Reserve.
In Jerome Powell's confirmation hearing in 2022 he described inflation as being a "severe threat" to the U.S. economic recovery due to "higher costs of essentials like food, housing and transportation."
Through July 2023, the central bank had hiked rates ten more times since March 17, 2022, cumulatively raising the benchmark rate by 5.25%.
In February 2024, Donald Trump stated he would not re-appoint Jerome Powell to a third term as chair if elected president for a second term.
In January 2025, Donald Trump began his second term by continuing the conflict, claiming that Jerome Powell and the Federal Reserve failed to lower inflation.
In April 2025, Donald Trump criticized Jerome Powell on Truth Social, stating that "Powell's termination cannot come fast enough!"
On July 16, 2025, there were reports that Donald Trump penned a letter to dismiss Jerome Powell as Fed Chair, which Trump later denied.
January 31, 2026 is the end date of Jerome Powell's 4-year term.
Jerome Powell was confirmed for another term as chair through May 2026.
Donald John Trump is an American politician media personality and...
Alexandria Ocasio-Cortez AOC is a prominent American politician and activist...
Elizabeth Warren is a prominent American politician and the senior...
CNBC is an American business news channel owned by NBCUniversal...
Barack Obama the th U S President - was the...
Joe Biden is an American politician who served as the...
Nate Hobbs is an American professional football cornerback currently playing for the Green Bay Packers in the NFL He was...
4 months ago LaVar Ball Urges Clippers to Trade for LaMelo; Sends Message to NBA.
29 days ago Dan Lanning Criticizes Big Ten Schedule Favoritism Before Oregon's Game Against Penn State.
52 minutes ago Tucker Kraft Scores Touchdown, Packers Lead; Tight End Competition Heats Up
5 months ago Micah Parsons' Potential $200 Million Contract with Cowboys: Negotiations and Future
23 days ago Tomi Lahren's Bad Bunny blunder triggers MAGA freakout and a fact-checking frenzy.
The White House located at Pennsylvania Avenue NW in Washington...
George Soros is a Hungarian-American investor and philanthropist with a...
Bernie Sanders is a prominent American politician currently serving as...
Steve Irwin the Crocodile Hunter was an influential Australian zookeeper...
XXXTentacion born Jahseh Dwayne Ricardo Onfroy was a controversial yet...
Charlie Kirk is an American right-wing political activist entrepreneur and...