Born In: Washington, D.C., United States
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. A law graduate from the 'Georgetown University Law Center,' Powell practiced law at a couple of law firms for a few years in his early career. He then turned toward investment banking and worked at 'Dillon, Read & Co.' Following this, Powell served the ‘United States Department of the Treasury’ and then the 'Bankers Trust.' His successful stint at the 'Bipartisan Policy Center' led to his nomination to the ‘Federal Reserve Board of Governors’ in Obama's administration in 2012. Powell was nominated again in 2014 for a 14-year-long term. President Donald Trump nominated him to the position of the ‘Federal Reserve’ chair in 2017, a decision he later regretted. His support of the rising interest rates in the U.S. has drawn the president’s criticism time and again.
Also Known As: Jerome Hayden Powell, Jay Powell
Spouse/Ex-: Elissa Leonard (m. 1985)
father: Jerome Powell
mother: Patricia Powell
children: Lucy Powell, Sam Powell, Susie Powell
Born Country: United States
City: Washington D.C.
education: Georgetown University Law Center, Princeton University, Georgetown Preparatory School, Georgetown University
In 1979, Jerome Powell earned a clerical job under Judge Ellsworth Van Graafeiland of the ‘United States Court of Appeals for the Second Circuit’ in New York City. In 1981, he joined the international law firm 'Davis Polk & Wardwell' as a lawyer and continued working there till 1983.
During his tenure in the treasury for finance, Jerome Powell supervised the policies of the financial institutions and the treasury debt market. He supervised the investigation of the false bidding case of the investment bank 'Salomon Brothers.' Under his supervision, Warren Buffett became the chairman of the bank.
As a visiting scholar (2010 to 2012) at the Washington-based think tank 'Bipartisan Policy Center,' Jerome Powell persuaded congressional ‘Republicans’ to raise the debt limit in the wake of the United States debt-ceiling crisis in 2011. He accepted $1 as his annual salary.
Jerome Powell supported the 'Dodd-Frank Wall Street Reform' and the 'Consumer Protection Act' but suggested a more efficient and strategic application. In October 2017, he acknowledged the importance of higher capital and liquidity requirements in making the financial system safer. He also suggested the revision of the 'Volcker Rule,' saying that smaller banks should be excluded from the rule.
Trump has criticized Jerome Powell's decision of making monetary policy stricter, opposing lowering federal interest rates, and establishing quantitative easing, describing them as his lack of vision.
In 2010, Jerome Powell served on the board of governors of the 'Chevy Chase Club.' He has also served on the boards of several non-profit organizations such as the public charter school 'DC Prep,' the 'Bendheim Center for Finance' at 'Princeton University,' and 'The Nature Conservancy' of Washington, D.C. He also established the 'Center City Consortium.'
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