Jerome Powell
Chairman, Federal Reserve
Jerome Hayden “Jay” Powell was born in February 1953 in Washington, D.C. He earned an undergraduate degree from Princeton University, then spent a year as a legislative assistant to a Pennsylvania Senator. He earned a Juris Doctor from Georgetown University Law School. He clerked at the Second Circuit U.S. Court of Appeals before entering private practice.
Powell spent six years working as an investment banker in New York City, before going to work for the U.S. Department of the Treasury. He became the Under Secretary of the Treasury for Domestic Finance after being nominated by President George H.W. Bush. He returned to private sector equity and venture capital activity. He spent two years as a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C.
President Barack Obama nominated Powell to the Federal Reserve Board of Governors, assuming office in May 2012. He has received nominations for additional terms since then. President Donald Trump nominated Powell to serve as the chair of the Federal Reserve. After confirmation by the Senate, he assumed office in February 2018.
Powell is married to Elissa Leonard and they have three children.
In the News…
Federal Reserve Chairman Jerome Powell has indicated that the central bank may reduce interest rates in September, after the board declined to cut them at its July meeting.
Chairman Powell said on July 31st that if inflation continues to slow down, “a reduction in our policy rate could be on the table” in September.
“We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate,” Chairman Powell said, “but we’re not quite at that point.”
He added, by the end of the year, “I can imagine a scenario in which it would be everywhere from zero cuts to several cuts.”
In response to pressure from some federal legislators, the Fed chair stated “We don’t change anything in our approach to address other factors like the political calendar.”
Contact this Leader…
Did you pray for Chairman Powell? You can let him know at:
The Honorable Jerome Powell
Chairman, Federal Reserve
20th St. and Constitution Ave.
Washington, DC 20551
