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Jerome Hayden " Jay " Powell (born February 4, 1953) is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve . After earning a degree in politics from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979, [2] he moved to investment banking in 1984 ...
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Jerome Powell is an American former lawyer and former investment banker, who has been serving as the 16th chair of the 'Federal Reserve System' since February 2018. He is the first ‘Federal Reserve’ chairman who does not have a degree in economics.
- Doug Whiteman
- He's not an economist. Powell is the first Fed chairman in decades who doesn't have a Ph.D. in economics. Instead, the Washington, D.C., native earned a law degree from Georgetown University and was editor-in-chief of the Georgetown Law Journal.
- He's rich. His most recent financial disclosure form pegged Powell's net worth at up to $55 million. He built up a nice fortune during his time at the private equity and asset management firm The Carlyle Group, where he was a partner from 1997 through 2005.
- He's not the highest-paid person at the Fed. Powell may be the top dog at the Federal Reserve, but he's not the top earner. His salary is set by Congress, and he's currently paid $203,500 a year.
- He once took a job that paid $1 a year. A few years after leaving The Carlyle Group, Powell swapped the high-paying world of high finance for a position that came with a salary of just $1 a year.
- Dan Glaun
- Powell has served under four presidents, both Democrat and Republican. Powell’s history of public service dates back to the 1990s. He was appointed an assistant secretary and then under secretary of the U.S. Treasury by President George H.W.
- He is the first non-economist to become the Fed chair in 40 years. Powell was a broadly uncontroversial pick for Fed chair, with one Wall Street player — Ward McCarthy, of the investment bank Jefferies — telling CNBC he was the “boring” choice.
- As a private citizen, Powell worked to prevent a federal default. While at the Bipartisan Policy Center, Powell played a role in brokering a 2011 agreement to raise the federal debt ceiling, allowing the U.S. government to borrow more money and to avoid defaulting on the nation’s debt — a consequence some economists said would have wrought havoc on the world economy.
- Before COVID, Powell had expressed skepticism of experimental Fed policies. To try to avert economic crisis when COVID-19 struck, Powell has presided over a massive spike in quantitative easing: the unconventional monetary policy in which nations’ central banks buy up securities, aiming to inject money into the economy, as examined in The Power of the Fed.
Oct 27, 2020 · Powell was born into an affluent Catholic family in Washington, D.C. His mother was a statistician and his father was a labor lawyer; they had six children, of which Jay was the second oldest.
- Josh Barro
- Contributor
Nov 22, 2022 · Jerome Powell is the Federal Reserve Board (FRB) chair. Jerome H. Powell has been a member of the Board of Governors of the Federal Reserve System (FRB) since May 25, 2012, appointed by then ...
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Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
