History of Jerome Powell in Timeline

Jerome Powell is an American investment banker and lawyer currently serving as the 16th chair of the Federal Reserve, a position he has held since 2018. He is expected to remain in this role at least through 2026, including during a potential second presidency of Donald Trump. His leadership at the Federal Reserve places him at the center of US monetary policy.

Sections (3)

Full Timeline Career & Achievements Challenges & Struggles

1921: Birth of Jerome Powell Sr.

In 1921, Jerome Powell Sr., Jerome Powell's father, was born.

1926: Birth of Patricia Hayden

In 1926, Patricia Hayden, Jerome Powell's mother, was born.

February 4, 1953: Jerome Powell's Birth

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

1971: Graduation from Georgetown Preparatory School

In 1971, Jerome Powell graduated from Georgetown Preparatory School.

1975: Graduation from Princeton University

In 1975, Jerome Powell received a Bachelor of Arts in political science from Princeton University.

1979: Graduation from Georgetown University Law Center

In 1979, Jerome Powell graduated from Georgetown University Law Center with a Juris Doctor and was editor-in-chief of the Georgetown Law Journal.

1983: Moves to Werbel & McMillen

In 1983, Powell moved to the law firm of Werbel & McMillen after working at Davis Polk & Wardwell.

1984: Joins Dillon, Read & Co.

In 1984, Powell began working at the investment bank Dillon, Read & Co. (now under UBS).

1988: First Opposition Nomination Since 1988

Powell's nomination in 2011 was the first time since 1988 that a president nominated a member of the opposition party for such a position.

1990: Joins US Department of the Treasury

In 1990, Powell joined the United States Department of the Treasury.

1990: Leaves Dillon, Read & Co.

In 1990, Powell left the investment bank Dillon, Read & Co.

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.

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.

1993: Joins Bankers Trust

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

1993: Leaves US Department of the Treasury

In 1993, Powell left the United States Department of the Treasury.

1995: Leaves Bankers Trust

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

1997: Joins The Carlyle Group

From 1997, Powell was a partner at The Carlyle Group.

2005: Founds Severn Capital Partners

In 2005, Powell left Carlyle Group and founded Severn Capital Partners, a private investment firm.

2005: Leaves The Carlyle Group

In 2005, Powell left The Carlyle Group.

2007: Death of Jerome Powell Sr.

In 2007, Jerome Powell Sr., Jerome Powell's father, passed away.

2008: Managing Partner of Global Environment Fund

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

2010: Visiting Scholar at Bipartisan Policy Center

From 2010, Powell was a visiting scholar at the Bipartisan Policy Center before returning to public service.

2010: Death of Patricia Hayden

In 2010, Patricia Hayden, Jerome Powell's mother, 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: Worked on US Debt-Ceiling Crisis

In 2011, while a visiting scholar, Powell worked on getting Congress to raise the United States debt ceiling during the crisis.

May 25, 2012: Takes Office on Federal Reserve Board

On May 25, 2012, Jerome Powell took office on the Federal Reserve Board of Governors, filling the unexpired term of Frederic Mishkin.

September 2012: QE3 Skeptic

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

2012: End of time as Visiting Scholar

In 2012, Powell finished his time as a visiting scholar at the Bipartisan Policy Center before returning to public service.

2012: End of Visiting Scholar Role

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

2012: Federal Reserve Board of Governors Member

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.

January 2014: Nominated for Another Term

In January 2014, Jerome Powell was nominated for another term on the Federal Reserve Board.

June 2014: Confirmed by the Senate

In June 2014, Jerome Powell was confirmed by the United States Senate for a 14-year term on the Federal Reserve Board.

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 regarding 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 Wall Street Reform and Consumer Protection Act have made the financial system safer.

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: Nomination Confirmed by Senate

On January 23, 2018, Jerome Powell's nomination to be chair of the Federal Reserve was confirmed by the Senate.

February 5, 2018: Assumes Office as Chair

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

2018: Powell Becomes Federal Reserve Chair

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

2018: Raising Interest Rates

In 2018, one of Powell's first actions as chair of the federal reserve was to continue to raise US interest rates.

October 2019: Return to Expanding Balance Sheet

In October 2019, Powell announced the Federal Reserve would return to expanding its balance sheet, which led to a global rally in assets, actions some dubbed as QE4.

2019: Abandoned Quantitative Tightening

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

June 2020: Jim Grant likens Powell's policy to drug dealing

In June 2020, Jim Grant likened Powell's policy to drug dealing, calling him "the Fed's Dr. Feelgood," due to the expansion of credit through repo contracts.

July 2020: Jim Cramer defends Powell's monetary policy

In July 2020, CNBC host Jim Cramer defended Powell's monetary policy by stating, "I'm sick and tired of hearing that we're in a bubble, that Powell's 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 Powell's policy as "exuberantly asymmetric," drawing a parallel to Alan Greenspan's "irrational exuberance" quote, and noted the "Powell Put" had become more extreme than the "Greenspan Put".

August 2020: Investors warn of a dangerous speculative bubble

In August 2020, investors Leon Cooperman and Seth Klarman cautioned about a dangerous "speculative bubble," with market psychology "unhinged from market fundamentals".

September 2020: Powell defends Fed actions, denying relief for Wall Street

In a September 2020 testimony, Jerome Powell stated that the Federal Reserve'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 called Powell "Wall Street's Head of State", reflecting the dominance of his actions on asset prices.

November 19, 2020: Agrees 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.

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

By December 2020, Jerome Powell's monetary policy had created simultaneous asset bubbles across most of the major asset classes in the United States, leading Powell to win the 2020 Forbes Person Of The Year In Crypto.

December 2020: Powell defends high asset prices using the Fed model

In December 2020, Jerome Powell defended high asset prices by referencing the Fed model, sparking debate over the potential for a significant financial bubble.

2020: Actions to Counter COVID-19 Pandemic Impact

In early 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic.

January 2021: Warning of political and social instability due to wealth inequality

In January 2021, Edward Luce of the Financial Times cautioned that the Federal Reserve's asset purchases and the resultant widening of wealth inequality could potentially lead to political and social instability in the United States.

April 2021: Powell assuages housing bubble concerns

In April 2021, Jerome Powell reassured the public by stating that he did not see a housing bubble, 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 later in the year

In August 2021, Jerome Powell anticipated that the Federal Reserve would 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 Powell, citing concerns about climate change risks to the financial system.

September 2021: Senator Warren criticizes Powell's financial regulation record

In September 2021, Senator Elizabeth Warren criticized Powell's financial regulation track record, deeming him a "dangerous man to head up the Fed."

November 2021: Consumer Price Index Reaches 40-Year High

In November 2021, the consumer price index (CPI) reached 6.8%, the highest level in 40 years, according to the Bureau of Labor Statistics.

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

On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as chair of the Federal Reserve.

December 2021: December CPI reading hits 7%

In December 2021, the 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 before the Senate Banking Committee

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 2022: Central bank aims to raise rates as soon as March 2022

In response to widespread high inflation readings Jerome Powell has indicated an increase in the speed of tapering asset purchases, and in March 2022, the central bank aimed to raise rates.

March 16, 2022: Senate Banking Committee favorably reported Powell's nomination

The Senate Banking Committee favorably reported Jerome Powell's nomination to the Senate floor on March 16, 2022, with a vote of 22-1.

May 12, 2022: Confirmed for Second Term

On May 12, 2022, Jerome Powell was confirmed to a second term as Federal Reserve Chair in an 80–19 vote.

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 of the Federal Reserve.

2026: Expected End of Term

It is expected that Jerome Powell will remain in his position during the second Presidency of Donald Trump at least through 2026.

January 31, 2028: End of 14-Year Term

Jerome Powell's 14-year term on the Federal Reserve Board would have ended on January 31, 2028, had he not become the federal reserve chairman in 2018.