Jerome Powell is the sixteenth Federal Reserve Chairman. He has been serving in the position since assuming the office on February 5, 2018.
Jerome Powell’s Bio
Jerome Powell joined the Board of Governors of the Federal Reserve in 2012. He was nominated to the post by then-President Barack Obama and was raised to the chairman post by Donald Trump. And had previously held the position of Under Secretary of the Treasury for Domestic Finance from 1992 to 1993.
Jerome Powell – Life And Academics
Jerome Hayden “Jay” Powell was born on February 4, 1953, in Washington, D.C. His father Jerome Powell was a private lawyer, He has six siblings.
He went into a Jesuit-run college-preparatory school. In 1975 he graduated from Princeton University gaining a Bachelor of Arts in Politics. The following year was spent as a legislative analyst under Richard Schweiker, the Senator of Pennsylvania and fellow Republican.
Later in 1979, he earned his Doctor of Jurisprudence, a law doctorate from the Georgetown University Law Center. He also served as the Georgetown Law Journal’s editor-in-chief.
Jerome Powell’s Career
Powell began his career as a law practitioner. Starting in 1979 he was a clerk in the United States Court of Appeals for the Second Circuit under Judge Ellsworth Van Graafeiland. He later worked with and at Davis Polk & Wardwell, and Werbel & McMillen.
His focus shifted to investment banking when he began his role at Dillon and Read & Co. There he served from 1984 to 1990 and eventually rose to the position of the bank’s vice president.
Powell was the United States Secretary of the Treasury in the United States Department of the Treasury between 1990 to 1993. He was nominated as the Under Secretary by George H.W. Bush.
He had also served as a visiting faculty at the Bipartisan Policy Center in Washington, D.C. He played an integral part in it during the 2011 United States debt-ceiling crisis. He worked on a one-dollar salary.
Jay Powell is a fellow Republican and he was the first-ever individual from the opposite party who was the first ever to get directly nominated by the President to the Federal Reserve Board of Governors in 1988. He has been serving on consecutive terms since and his current term extends to January 2018, a 14-year term, by 67 vs 24 votes of the U.S. Senate.
He was the key person in the 2012 QE3, round 3 of quantitative easing; and in the 2013 financial regulation.
He imparted insights on not repeating the mortgage defaults regarding Fannie Mae (The Federal National Mortgage Association, FNMA) and Freddie Mac (The Federal Home Loan Mortgage Corporation, FHLMC). Both of them are part of the GSE (Government Sponsored Enterprise) and he publicized the allocation of only adequate funds in support of housing finances.
In 2017, he was nominated as the Chair of the Federal Reserve by then-President Donald Trump. His nomination was approved in a 22 to 1 vote by the Senate Banking Committee.
Powell is the master brain behind the U.S. measures to cope up with the COVID-19-caused impacts on the economy. In an effort to this combating, he accepted Asset Price Inflation. This powered the K-shaped recovery during the national lockdown and pandemic.
Jerome Powell’s Net Worth
As of 2019, the annual salary of the Fed Chair was $203,500. Powell has an estimated annual salary of $ 229,358. As per the latest reports he has a net worth of $50 million.
He is the co-founder of the Center City Consortium.
Jerome Powell’s Wife And Family
Jerome Powell is married to Elissa Leonard. He has three children with her. His home is set up in Maryland’s Chevy Chase Village. His wife, Elissa serves on the village board. He also served on the board of a Chevy Chase-based country club.
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