Jerome Hayden Powell popularly known as Jerome Powell, born on February 4, 1953, in Washington, D.C., is the 16th Chair of the Federal Reserve, serving since February 2018. He was reappointed for a second term in May 2022, which extends until May 15, 2026.
Early Life and Family
Powell was born into a family with a strong legal background. His father, Jerome Powell Sr. (1921–2007), was a lawyer in private practice, and his mother, Patricia (née Hayden; 1926–2010), was a mathematician. His maternal grandfather, James J. Hayden, served as Dean of the Columbus School of Law at Catholic University of America and later as a lecturer at Georgetown Law School. Powell is one of six siblings: Susan, Matthew, Tia, Libby, and Monica.
Education
Powell’s educational journey began at Georgetown Preparatory School, a Jesuit university-preparatory school, from which he graduated in 1971. He then pursued a Bachelor of Arts in political science at Princeton University, graduating in 1975. His senior thesis was titled “South Africa: Forces for Change.” After a year as a legislative assistant to Republican U.S. Senator Richard Schweiker of Pennsylvania, Powell attended Georgetown University Law Center. There, he served as editor-in-chief of the Georgetown Law Journal and earned his Juris Doctor in 1979.
Early Career
Following his graduation from law school, Powell embarked on a career that combined law, finance, and public service. He worked as a clerk for Judge Ellsworth Van Graafeiland of the U.S. Court of Appeals for the Second Circuit in New York City from 1979 to 1981. Subsequently, he entered the realm of investment banking, holding positions at Dillon, Read & Co., and later at Bankers Trust. His expertise in financial markets led to his appointment as Under Secretary of the Treasury for Domestic Finance under President George H.W. Bush in 1992, where he was responsible for policy on financial institutions, the Treasury debt market, and related areas.
Federal Reserve Board
In 2012, President Barack Obama nominated Powell to the Federal Reserve Board of Governors, a position he held until 2018. During this period, he played a significant role in formulating monetary policy and navigating the complexities of the post-financial crisis economy. His pragmatic approach and deep understanding of financial markets earned him bipartisan respect.
Chair of the Federal Reserve
In November 2017, President Donald Trump nominated Powell as Chair of the Federal Reserve, succeeding Janet Yellen. He assumed office in February 2018. As Chair, Powell has overseen significant economic events, including the response to the COVID-19 pandemic, where the Federal Reserve implemented unprecedented measures to stabilize the economy. In May 2022, President Joe Biden reappointed Powell for a second term, and he was confirmed by the Senate on May 12, 2022.
Personal Life
Jerome Powell is married to Elissa Leonard, and together they have three children. The family resides in Chevy Chase Village, Maryland, where Leonard serves as the village’s Board of Managers chair. Powell is known for his commitment to public service and is the first Federal Reserve Chair in decades without an advanced degree in economics, bringing a diverse perspective to the role.
Recent Developments
In May 2024, Powell tested positive for COVID-19 and delivered a virtual commencement address to Georgetown University Law Center graduates, emphasizing the inevitability of change and the importance of adaptability.
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