Here’s a look at the life of Federal Reserve Chairman Jerome “Jay” Powell.
Personal:
Birth date: February 4, 1953
Birth place: Washington, DC
Birth name: Jerome Hayden Powell
Father: Jerome Powell, attorney
Mother: Patricia (Hayden) Powell, mathematician
Marriage: Elissa (Leonard) Powell (1985-present)
Children: Samuel; Lucy; Susie
Education: Princeton University, A.B. in Politics, 1975; Georgetown University, J.D., 1979
Other Facts:
Was editor-in-chief of the Georgetown Law Journal.
Powell is the first chairman in 40 years not to hold a Ph.D. in economics.
Avid cyclist who has been known to ride his bike to work at the Fed.
Timeline:
1984-1990 – Works at the investment bank Dillon, Read & Co.
1990-1993 – Assistant Secretary and then Under Secretary of the Treasury for Finance, under US President George H. W. Bush.
1997-2005 – Partner at The Carlyle Group, a private equity and asset management firm.
2010-2012 – Visiting scholar at the Bipartisan Policy Center in Washington, DC.
May 25, 2012-present – Serves on the Board of Governors of the Federal Reserve. Reappointed and sworn in on June 16, 2014, for a 14-year term ending January 31, 2028.
April 2017 – Powell is appointed to head oversight of the “too big to fail” banks.
November 2, 2017 – US President Donald Trump announces Powell as his nominee to replace Janet Yellen as the next Fed chair.
December 5, 2017 – The Senate Banking Committee votes 22 to 1 in favor of advancing Powell’s nomination, with Democratic Senator Elizabeth Warren as the only member in opposition.
January 23, 2018 – Wins Senate confirmation by a vote of 84-13 with strong bipartisan support.
February 5, 2018 – Takes office as the 16th chairman of the Federal Reserve, for a four-year term.
January 4, 2019 – During a panel at the annual American Economics Association conference, Powell says he would not resign if pressured to do so by Trump. Trump has repeatedly criticized Powell for continuing to tighten monetary policy, saying on Twitter that it’s the “only problem” with the economy. The President has also asked advisers amid increasing market volatility in recent weeks whether he can fire Powell.
