History of Jerome Powell in Timeline
Jerome Hayden "Jay" Powell is an American attorney and investment banker serving as the 16th chair of the Federal Reserve since 2018.
1921: Birth of Jerome Powell's Father
Jerome Powell's father, also named Jerome Powell, was born in 1921.
1926: Birth of Jerome Powell's Mother
Jerome Powell's mother, Patricia (née Hayden), was born in 1926.
February 4, 1953: Jerome Powell's Birth
Jerome Hayden "Jay" Powell was born in Washington, D.C. on February 4, 1953.
1971: Graduation from Georgetown Preparatory School
Jerome Powell graduated from Georgetown Preparatory School in 1971.
1975: Completion of Political Science Degree and Legislative Experience
Jerome Powell earned a Bachelor of Arts in political science from Princeton University in 1975. That same year, he served as a legislative assistant to U.S. Senator Richard Schweiker of Pennsylvania.
1975: Graduation from Princeton University
Jerome Powell graduated from Princeton University with a degree in politics in 1975.
1979: Graduation from Georgetown Law and Editorship
In 1979 Jerome Powell graduated from Georgetown University Law Center, where he served as editor-in-chief of the Georgetown Law Journal.
1979: Completion of Law School and Entry into Investment Banking
Jerome Powell received his Juris Doctor from Georgetown University Law Center in 1979. He transitioned to investment banking in 1984.
1979: Law Clerk in New York City
Jerome Powell relocated to New York City in 1979 to work as a clerk for Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit.
1981: Legal Work at Davis Polk & Wardwell
From 1981 to 1983, Jerome Powell practiced law at Davis Polk & Wardwell.
June 1982: Record High Inflation Rates
June 1982 marked a significant period of economic challenge as American consumers faced the fastest annual rise in prices since June 1982.
1983: Transition to Werbel & McMillen
Jerome Powell joined the firm of Werbel & McMillen in 1983.
1984: Joining Dillon, Read & Co.
Jerome Powell began his career at investment bank Dillon, Read & Co. in 1984.
1984: End of Tenure at Werbel & McMillen
Jerome Powell concluded his time at Werbel & McMillen in 1984.
1984: Start of Investment Banking Career
Jerome Powell entered the world of investment banking in 1984.
1985: Marriage to Elissa Leonard
Jerome Powell married Elissa Leonard in 1985 at the Washington National Cathedral, marking a significant personal milestone.
1987: Goldman Sachs US Financial Conditions Index (GSFCI) Established
The Goldman Sachs US Financial Conditions Index (GSFCI), a measure of financial conditions in the United States, was established in 1987.
1988: Historical Significance of Powell's Nomination
Jerome Powell's nomination to the Federal Reserve Board of Governors in 2011 marked the first time since 1988 that a president nominated a member of the opposition party for this position.
1990: Departure from Dillon, Read & Co.
Jerome Powell left his position at Dillon, Read & Co. in 1990.
1990: Commencement of Work at the U.S. Department of the Treasury
Jerome Powell started working at the U.S. Department of the Treasury in 1990.
1992: Appointment as Under Secretary of the Treasury for Domestic Finance
Jerome Powell was nominated by George H. W. Bush to the position of Under Secretary of the Treasury for Domestic Finance in 1992.
1992: Service as Under Secretary of the Treasury
Jerome Powell briefly served as the under secretary of the Treasury for domestic finance under President George H. W. Bush in 1992.
1993: Conclusion of Work at the U.S. Department of the Treasury
Jerome Powell's time at the U.S. Department of the Treasury ended in 1993.
1993: Managing Director at Bankers Trust
Jerome Powell assumed the role of managing director at Bankers Trust in 1993.
1995: Departure from Bankers Trust
Jerome Powell's tenure at Bankers Trust concluded in 1995.
1996: Alan Greenspan's "Irrational Exuberance" Comment
In 1996, then-Federal Reserve Chair Alan Greenspan famously used the phrase "irrational exuberance" to describe the booming stock market.
1997: Partner at The Carlyle Group
Jerome Powell became a partner at The Carlyle Group in 1997.
2005: Establishment of Severn Capital Partners
Following his departure from Carlyle, Jerome Powell founded Severn Capital Partners, a private investment firm, in 2005.
2005: Founding of Severn Capital Partners
Jerome Powell left the Carlyle Group in 2005 to establish Severn Capital Partners, a private investment firm.
2007: Passing of Jerome Powell's Father
Jerome Powell's father passed away in 2007.
2008: Managing Partner at Global Environment Fund
In 2008 Jerome Powell took on the role of managing partner at the Global Environment Fund.
2010: Passing of Jerome Powell's Mother
Jerome Powell's mother, Patricia, passed away in 2010.
2010: Board of Governors Membership at Chevy Chase Club
In 2010, Jerome Powell served on the board of governors of Chevy Chase Club, a country club, signifying his involvement in community organizations.
2010: Visiting Scholar at the Bipartisan Policy Center
Jerome Powell took on the role of visiting scholar at the Bipartisan Policy Center from 2010 to 2012.
2010: Beginning of Visiting Scholar Role
Jerome Powell began serving as a visiting scholar at the Bipartisan Policy Center in Washington, D.C., in 2010.
December 2011: Nomination to the Federal Reserve Board of Governors
President Barack Obama nominated Jerome Powell to the Federal Reserve Board of Governors in December 2011.
2011: Efforts to Raise the U.S. Debt Ceiling
During the United States debt-ceiling crisis of 2011, Jerome Powell actively worked to persuade Congress to raise the debt ceiling.
May 25, 2012: Assumption of Office on the Federal Reserve Board of Governors
Jerome Powell officially took office on the Federal Reserve Board of Governors on May 25, 2012, filling the unexpired term of Frederic Mishkin.
September 2012: Skepticism Towards QE3
Jerome Powell expressed initial skepticism about the third round of quantitative easing (QE3), which was implemented in September 2012.
2012: Return to Public Service
Jerome Powell returned to public service in 2012 after his time at the Bipartisan Policy Center.
2012: Conclusion of Visiting Scholar Position
Jerome Powell's time as a visiting scholar at the Bipartisan Policy Center came to an end in 2012.
2012: Nomination to the Federal Reserve Board of Governors
President Barack Obama nominated Jerome Powell to the Federal Reserve Board of Governors in 2012.
2013: Advocacy for Financial Regulation
Jerome Powell voiced his support for financial regulation aimed at addressing the issue of institutions deemed "too big to fail."
January 2014: Nomination for a Second Term on the Federal Reserve Board
President Obama nominated Jerome Powell for a second term on the Federal Reserve Board of Governors in January 2014.
June 2014: Senate Confirmation for a Second Term
The United States Senate confirmed Jerome Powell for a second term on the Federal Reserve Board of Governors in a 67–24 vote in June 2014.
April 2017: Leadership of the Bank Oversight Committee
Jerome Powell was appointed to head the bank oversight committee in April 2017.
July 2017: Jerome Powell Addresses Fannie Mae and Freddie Mac
In July 2017, Jerome Powell stated that the current situation with Fannie Mae and Freddie Mac, while seemingly stable, was unsustainable. He called for reform, emphasizing the need for private capital in housing finance to avoid repeating past mistakes.
October 2017: Jerome Powell Speaks on Dodd-Frank and the Volcker Rule
In October 2017, Jerome Powell delivered a speech advocating for the preservation of Dodd-Frank's core tenets, citing enhanced financial system safety. However, he suggested revising the Volcker Rule to exempt smaller banks.
November 2, 2017: Jerome Powell Nominated as Federal Reserve Chair
President Donald Trump nominated Jerome Powell as Chair of the Federal Reserve on November 2, 2017, to succeed Janet Yellen.
January 23, 2018: Jerome Powell Confirmed as Federal Reserve Chair
The Senate confirmed Jerome Powell's nomination for Federal Reserve Chair on January 23, 2018.
February 5, 2018: Jerome Powell Assumes Federal Reserve Chair Position
Jerome Powell officially took office as Chair of the Federal Reserve on February 5, 2018.
2018: Elevation to Federal Reserve Chair
Jerome Powell's term on the Federal Reserve Board of Governors was cut short when he became the Federal Reserve Chair in 2018.
2018: Jerome Powell's Early Actions as Federal Reserve Chair
In 2018, one of Jerome Powell's first actions as Federal Reserve Chair was to continue raising US interest rates in response to the strengthening US economy. He also announced plans for quantitative tightening, aiming to reduce the Fed's asset portfolio. These policies faced criticism from President Trump.
2018: Appointment as Federal Reserve Chair
In 2018, Jerome Powell began his tenure as the 16th chair of the Federal Reserve.
October 2019: Jerome Powell Announces Expansion of Fed's Balance Sheet
In October 2019, in response to waning asset prices, Jerome Powell announced that the Federal Reserve would resume expanding its balance sheet, a move that sparked a global asset rally.
2019: Estimated Net Worth and Philanthropic Activities
As of 2019, public filings estimated Jerome Powell's net worth to be between $20 million and $55 million. He has been actively involved with various charitable and educational institutions, including DC Prep, the Bendheim Center for Finance at Princeton University, The Nature Conservancy, and the Center City Consortium.
2019: Jerome Powell's Policies Draw Criticism and Market Volatility
Jerome Powell's tight monetary policies in 2019, including quantitative tightening, led to market volatility and drew criticism from President Trump, who publicly disagreed with Powell's approach and called for interest rate cuts.
2019: Jerome Powell's Policies and Wealth Inequality
The Federal Reserve's acceptance of asset price inflation from 2019 onwards under Jerome Powell's leadership contributed to levels of wealth inequality not seen in the United States since the 1920s.
June 2020: Jerome Powell's Policies Likened to "Drug Dealing"
In June 2020, investor Jim Grant criticized Jerome Powell's policies, comparing them to "drug dealing" and calling him "the Fed's Dr. Feelgood."
July 2020: Jim Cramer Defends Jerome Powell's Policies
In July 2020, CNBC host Jim Cramer defended Jerome Powell's policies, expressing frustration over claims that they were creating a stock market bubble.
August 2020: Jerome Powell's Policy Called "Exuberantly Asymmetric"
Bloomberg News described Jerome Powell's policy as "exuberantly asymmetric" in August 2020, drawing parallels to Alan Greenspan's "irrational exuberance" comment in 1996.
August 2020: Investors Warn of "Speculative Bubble" Under Jerome Powell's Leadership
Investors Leon Cooperman and Seth Klarman issued warnings in August 2020 about a potentially dangerous "speculative bubble" in the market, suggesting that market psychology had become detached from fundamentals.
September 2020: Jerome Powell Defends Fed's Actions Amidst Criticism
Responding to criticism, Jerome Powell defended the Federal Reserve's actions in September 2020, stating that they were not intended to benefit Wall Street. Despite this, Wall Street experienced record profits.
November 2020: Recognition as "Wall Street's Head of State"
In November 2020, Bloomberg News dubbed Jerome Powell "Wall Street's Head of State," highlighting his impact on asset prices and financial markets.
November 19, 2020: Jerome Powell Agrees to Return Unused Crisis Funds
On November 19, 2020, Jerome Powell, after disagreeing with Treasury Secretary Steve Mnuchin, agreed to return unused crisis funds to the US Treasury. Both Powell and Mnuchin urged Congress to pass additional stimulus measures.
December 2020: Jerome Powell's Monetary Policy Creates Asset Bubbles
By December 2020, Jerome Powell's monetary policies were considered the loosest ever recorded by the Goldman Sachs US Financial Conditions Index (GSFCI), leading to simultaneous asset bubbles across major asset classes.
December 2020: Defense of High Asset Prices and the Fed Model
In December 2020, Jerome Powell defended the high asset prices by using the controversial Fed model. He stated that high price-to-earnings ratios might not be as significant in a time of historically low 10-year Treasury yields.
2020: Jerome Powell's Unprecedented Actions During COVID-19 Pandemic
In 2020, Jerome Powell initiated a series of unprecedented measures to mitigate the financial impact of the COVID-19 pandemic, including expanding the Fed's balance sheet, direct corporate bond purchases, and direct lending programs. His actions received bipartisan support.
January 2021: Concerns Raised Over Wealth Inequality Amidst Fed's Asset Purchases
In January 2021, concerns were raised about the widening wealth inequality resulting from the Federal Reserve's asset purchases, with some critics attributing it to the K-shaped recovery during the coronavirus pandemic.
April 2021: Reassurance Regarding Potential Housing Bubble
In April 2021, Jerome Powell addressed concerns about a possible housing bubble similar to the one that preceded the Great Recession. He stated that he did not see any signs of bad loans or unsustainable prices.
August 2021: Anticipated Reduction of Economic Support and Inflation Concerns
In August 2021, Jerome Powell announced the Federal Reserve's plan to reduce economic support later in the year. He acknowledged that inflation was no longer "transitory" and signaled an increase in the speed of tapering asset purchases.
August 2021: Opposition to Reappointment and Criticism from Progressive Democrats
In August 2021, progressive Democrats, including Alexandria Ocasio-Cortez, opposed the reappointment of Jerome Powell as Federal Reserve Chair. They criticized his track record on climate change and financial regulation.
September 2021: Criticism from Senator Elizabeth Warren
In September 2021, Senator Elizabeth Warren criticized Jerome Powell's financial regulation history, expressing concerns and calling him a "dangerous man to head up the Fed."
November 2021: Addressing Inflation Concerns
With the consumer price index (CPI) reaching a 40-year high of 6.8% in November 2021, Jerome Powell acknowledged the issue of inflation and signaled a shift towards reducing quantitative easing and mortgage-backed security purchases.
November 22, 2021: Renomination for Second Term as Federal Reserve Chair
On November 22, 2021, President Joe Biden renominated Jerome Powell for a second term as Chair of the Federal Reserve.
December 2021: High Inflation Rate and its Impact
In December 2021, the Consumer Price Index (CPI) reached 7%, indicating a concerning level of inflation and prompting a response from the central bank.
January 3, 2022: Nomination Return and Renomination Process
Jerome Powell's initial nomination for Federal Reserve Chair expired at the end of the year and was returned to President Biden. The nomination was then resubmitted by President Biden on January 3, 2022.
January 11, 2022: Senate Hearings for Federal Reserve Chair Nomination
Hearings for Jerome Powell's nomination for a second term as Federal Reserve Chair were held before the Senate Banking Committee on January 11, 2022.
February 2022: Expiration of Term as Federal Reserve Chair
Jerome Powell's term as chair of the Federal Reserve was set to expire in February 2022.
March 2022: Planned Interest Rate Hike to Combat Inflation
In March 2022, the central bank aimed to raise interest rates in response to the soaring inflation, which was primarily driven by higher costs of essentials like food, housing, and transportation.
March 16, 2022: Senate Committee Approval of Nomination
The Senate Banking Committee voted 22-1 to approve Jerome Powell's nomination for a second term as Federal Reserve Chair on March 16, 2022.
May 12, 2022: Confirmation for a Second Term as Federal Reserve Chair
The Senate confirmed Jerome Powell for a second term as Federal Reserve Chair in an 80–19 vote on May 12, 2022.
May 23, 2022: Swearing-in for Second Term as Federal Reserve Chair
Jerome Powell was officially sworn in for his second term as Chair of the Federal Reserve on May 23, 2022, marking the start of another term in this significant role.
May 2026: End of Second Term as Federal Reserve Chair
Jerome Powell's second term as Chair of the Federal Reserve is set to conclude in May 2026.
January 31, 2028: Original End Date of Federal Reserve Term
Jerome Powell's 14-year term on the Federal Reserve Board of Governors was set to expire on January 31, 2028, had he not become chairman in 2018.