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Jerome Powell

American attorney and Federal Reserve chair

Jerome Powell, an American attorney and investment banker, has been serving as the 16th chair of the Federal Reserve since 2018. He has a background in investment banking and public service, and is known for his actions to combat the financial effects of the COVID-19 pandemic.

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Janet Yellen Alan Greenspan Ben Bernanke Paul Volcker Lawrence Summers Jamie Dimon John Maynard Keynes Christine Lagarde Mario Draghi Federal Reserve System

Timeline

Powell earns a degree in politics from Princeton University

In 1975, Jerome Powell earned a degree in politics from Princeton University, which laid the foundation for his future career in finance and public service.

Powell earns a Juris Doctor from Georgetown University Law Center

In 1979, Jerome Powell earned a Juris Doctor from Georgetown University Law Center, where he was editor-in-chief of the Georgetown Law Journal. This academic achievement further shaped his expertise in legal and financial matters.

Powell serves as under secretary of the Treasury for domestic finance

In 1992, Jerome Powell briefly served as under secretary of the Treasury for domestic finance under President George H. W. Bush. This experience contributed to his extensive career in finance and public service.

Managing Director for Bankers Trust

In 1993, Jerome Powell began working as a managing director for Bankers Trust, but left in 1995 after the bank suffered reputational damage due to complex derivative transactions.

Managing Partner of the Global Environment Fund

In 2008, Jerome Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.

Powell becomes a member of the Federal Reserve Board of Governors

In 2012, Jerome Powell became a member of the Federal Reserve Board of Governors after being nominated by President Barack Obama. This marked a significant milestone in his career in the financial sector.

Renomination to the Federal Reserve Board of Governors

In January 2014, Jerome Powell was nominated for another term on the Federal Reserve Board of Governors, and in June 2014, he was confirmed by the United States Senate for a 14-year term ending January 31, 2028.

Nomination of Powell as Chair of the Federal Reserve

On November 2, 2017, President Donald Trump nominated Powell to serve as the chair of the Federal Reserve, replacing Janet Yellen. Powell's nomination was later approved by the Senate, and he assumed office as chair on February 5, 2018.

Powell assuming office as Chair of the Federal Reserve

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

Fed's Acceptance of Asset Price Inflation

To mitigate the financial market impact of the COVID-19 pandemic, Powell accepted asset price inflation as a consequence of Fed policy actions. This resulted in levels of wealth inequality not seen in the United States since the 1920s.

Trump's Disagreement with Powell's Approach

In August 2019, President Trump expressed increasing hostility towards Powell's approach, stating that he completely disagreed with it and called for a sharp cut in interest rates.

Agreement to Return Unused Crisis Funds

On November 19, 2020, Powell agreed to return unused crisis funds to the United States Treasury after disagreeing with Treasury Secretary Steve Mnuchin.

Edward Luce's Warning on Wealth Inequality

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

Jerome Powell reassures concerns over potential housing bubble

In April 2021, Jerome Powell addressed worries about a possible housing bubble similar to the one before the Great Recession. He stated that there were no signs of bad loans or unsustainable prices, easing concerns about a housing market crash.

Powell expects Fed to reduce economic support

In August 2021, Jerome Powell anticipated the Federal Reserve to decrease economic support later in the year. This indicates a shift in the Fed's policy towards economic recovery.

Powell's nomination returned to President Biden

On January 3, 2022, Jerome Powell's initial nomination expired and was returned to President Biden. This marked a significant step in the process of his reappointment as the chair of the Federal Reserve.

Senate Banking Committee holds hearings on Powell's nomination

The Senate Banking Committee conducted hearings on Jerome Powell's nomination on January 11, 2022. This was a crucial step in the confirmation process for his reappointment as the chair of the Federal Reserve.

Senate Banking Committee reports Powell's nomination favorably

On March 16, 2022, the Senate Banking Committee favorably reported Jerome Powell's nomination to the Senate floor, with a 22–1 vote. This indicated progress in the confirmation process for his reappointment as the chair of the Federal Reserve.

Powell confirmed to a second term as Federal Reserve Chair

On May 12, 2022, Jerome Powell was confirmed to a second term as Federal Reserve Chair in an 80–19 vote. This reaffirmed his position as a key figure in shaping the monetary policies of the United States.

End of the Timeline
Jerome Powell

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