Jerome Powell: The 16th Chair of the Federal Reserve

Early Life and Career

Jerome Hayden "Jay" Powell was born on February 4, 1953, in Washington, D.C. He graduated from Princeton University with a degree in politics and earned a law degree from Georgetown University Law Center.

Powell worked as an investment banker for several years before becoming a partner at The Carlyle Group, a private equity firm. He also served as a visiting scholar at the Bipartisan Policy Center from 2007 to 2012.

Appointment to the Federal Reserve

In 2012, President Barack Obama appointed Powell to be a member of the Federal Reserve Board of Governors. He was confirmed by the Senate in a 74-20 vote and took office on June 14, 2012.

Tenure as Chair

In 2018, President Donald Trump appointed Powell to be the 16th Chair of the Federal Reserve. He was confirmed by the Senate in a 84-13 vote and took office on February 5, 2018. Powell's term as Chair expires on February 5, 2026.

During his tenure as Chair, Powell has overseen the Federal Reserve's efforts to respond to the COVID-19 pandemic. He has also been a vocal advocate for financial stability and has supported the Federal Reserve's interest rate hikes to combat inflation.