Jerome Powell facts for kids
Quick facts for kids
Jerome Powell
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Official portrait, 2022
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| 16th Chair of the Federal Reserve | |
| In office February 5, 2018 – May 22, 2026 |
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| President | Donald Trump Joe Biden Donald Trump |
| Deputy | Richard Clarida Lael Brainard Philip Jefferson |
| Preceded by | Janet Yellen |
| Succeeded by | Kevin Warsh |
| Member of the Federal Reserve Board of Governors | |
| Assumed office May 25, 2012 |
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| Nominated by | Barack Obama |
| Preceded by | Frederic Mishkin |
| Under Secretary of the Treasury for Domestic Finance | |
| In office April 7, 1992 – January 20, 1993 |
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| President | George H. W. Bush |
| Preceded by | Robert R. Glauber |
| Succeeded by | Frank N. Newman |
| Assistant Secretary of the Treasury for Financial Institutions | |
| In office 1990 – April 7, 1992 |
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| President | George H. W. Bush |
| Preceded by | David W. Mullins Jr. |
| Succeeded by | John Cunningham Dugan |
| Personal details | |
| Born |
Jerome Hayden Powell
February 4, 1953 Washington, D.C., U.S. |
| Political party | Republican |
| Spouse |
Elissa Leonard
(m. 1985) |
| Children | 3 |
| Education | Princeton University (BA) Georgetown University (JD) |
| Signature |  |
| Nickname | Jay Powell |
Jerome Hayden "Jay" Powell (born February 4, 1953) is an American central banker. He was the 16th Chair of the Federal Reserve, which is like the central bank of the United States, from 2018 until May 2026. He was succeeded by Kevin Warsh. Before working for the government, he was a lawyer and worked in finance, helping businesses with their money.
Powell was born in Washington, D.C.. He studied at Princeton University and Georgetown University Law Center. After working as a lawyer, he spent many years in investment banking and private equity. This means he helped companies manage their money and grow. From 2010 to 2012, he worked at a research group called the Bipartisan Policy Center.
In 1990, Powell began working for the government in the United States Department of the Treasury. In 2012, President Barack Obama chose him to be a member of the Federal Reserve Board of Governors. Later, President Donald Trump made him the Chair of the Federal Reserve in 2018, and President Joe Biden chose him for a second term in 2021. During his time at the Federal Reserve, Powell was known for bringing people together to agree on important decisions.
As Chair, Powell guided the Federal Reserve through big economic challenges. These included the economic effects of the COVID-19 pandemic, a time when prices went up a lot (called inflation), and problems with global trade. Financial markets generally improved during his time, except for a few times when stock markets went down in 2020, 2022, and 2025. In March 2026, he received an award called the Governor of the Year at the Central Banking Awards.
Contents
Learning About Jerome Powell
Early Life and Education
Jerome Powell was born on February 4, 1953, in Washington, D.C. His father, Jerome Powell Sr., was a lawyer. His mother was Patricia Hayden. He has five brothers and sisters.
Powell went to Georgetown Preparatory School and finished in 1971. He then studied political science at Princeton University, graduating in 1975. After college, he worked for a year for a U.S. Senator. Then, he went to Georgetown University Law Center and became a lawyer in 1979. He was also the editor-in-chief of the Georgetown Law Journal.
Early Career in Law and Finance
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After law school, Powell worked as a law clerk for a judge in New York City. Then, he worked at different law firms.
From 1984 to 1990, Powell worked at an investment bank called Dillon, Read & Co.. There, he helped companies with their money, like raising funds and buying other businesses. He became a vice president.
Between 1990 and 1993, Powell worked for the United States Department of the Treasury. This is a part of the government that manages the country's money. In 1992, President George H. W. Bush chose him to be the Under Secretary of the Treasury for Domestic Finance. In this role, he helped oversee important financial matters for the country.
After his time at the Treasury, Powell worked for other financial companies. From 1997 to 2005, he was a partner at the Carlyle Group, a large investment firm. He then started his own small investment firm. In 2008, he joined the Global Environment Fund, which invests in sustainable energy companies.
From 2010 to 2012, Powell worked at the Bipartisan Policy Center. This group helps lawmakers find solutions to national problems. He focused on helping Congress agree to raise the United States debt ceiling during a financial challenge in 2011. The debt ceiling is a limit on how much money the U.S. government can borrow. He worked for a very small salary of $1 per year during this time.
Joining the Federal Reserve (2012–2018)
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In 2011, President Barack Obama nominated Jerome Powell to join the Federal Reserve Board of Governors. The Federal Reserve is the central bank of the United States. It helps keep the economy stable, control prices, and ensure many people have jobs. Powell became a governor on May 25, 2012. In 2014, he was chosen again for a full 14-year term. His term as a governor ends on January 31, 2028.
Powell was careful about a program called quantitative easing (QE3) that the Federal Reserve started in 2012. This program involved the Fed buying certain financial assets to help the economy. He eventually voted for it.
In 2013, Powell supported rules to make sure that very large financial companies would not cause big problems for the economy if they struggled. In 2017, he was put in charge of a committee that watched over banks.
Leading the Federal Reserve (2018–2026)
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On November 2, 2017, President Donald Trump chose Powell to be the chairman of the Federal Reserve. This meant he would lead the entire central bank. The United States Senate approved his nomination on January 23, 2018. Powell officially became the Chair on February 5, 2018.
First Trump Administration (2018–2021)
One of Powell's first actions was to increase interest rates in the U.S. This was done because the U.S. economy was growing stronger. When interest rates go up, borrowing money becomes more expensive, which can help control prices. He also announced that the Fed would slowly reduce its holdings of financial assets.
President Trump sometimes disagreed with Powell's decisions, especially about raising interest rates. The Federal Reserve is designed to make decisions independently, without political pressure. Powell continued to focus on what he believed was best for the economy. In late 2019, the Fed started expanding its balance sheet again to support the economy.
Supporting the Economy During COVID-19
To help the economy during the COVID-19 pandemic, Powell and the Federal Reserve took strong actions. They aimed to keep financial markets stable and help businesses and people. These actions involved buying many financial assets to keep money flowing in the economy.
Some people worried that these actions might make certain investments too expensive or create too much difference in wealth. Powell explained that the Fed's main goals were to keep prices stable and ensure many people had jobs. He believed these goals were very important, even if there were concerns about asset prices.
Disagreements with President Trump
Powell's time as Chair included disagreements with President Trump. Trump often expressed his views on how the Federal Reserve should manage interest rates. Powell consistently emphasized that the Federal Reserve makes its decisions independently, based on what it believes is best for the economy, not on political preferences.
In January 2019, Powell stated that he would not resign if asked by the President. He continued to uphold the importance of the Federal Reserve's independence.
Biden Administration (2021–2025)
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In April 2021, Powell addressed concerns about a possible housing bubble, similar to one before a past economic downturn. He said that the situation was different and did not show signs of bad loans or unsustainable prices.
By late 2021, prices for goods and services (inflation) were rising quickly. Powell indicated that the Federal Reserve would reduce its support for the economy and consider raising interest rates. He described inflation as a "severe threat" to the U.S. economy because it made essential things like food and housing more expensive.
To fight high inflation, the Federal Reserve began raising interest rates in March 2022. They raised rates several more times through July 2023. This made borrowing money more expensive, which helped slow down the rise in prices.
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In August 2021, some lawmakers expressed concerns about Powell continuing as Chair. However, President Joe Biden nominated him for a second term on November 22, 2021. The Senate confirmed his nomination on May 12, 2022, and he was sworn in for his second term on May 23, 2022.
Second Trump Administration (2025–2026)
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During the second Trump administration, President Trump continued to express his views on the Federal Reserve's interest rate policies. Powell maintained that the Fed's decisions are made independently and are not influenced by political leaders. Legal experts generally agree that a sitting Fed Chair cannot be removed from office without a specific, legal reason. Powell remained as Fed Chair until Kevin Warsh was sworn into office in May 2026.
Personal Life
Powell married Elissa Leonard in 1985. They have three children and live in Chevy Chase Village, Maryland. Elissa is involved in local community leadership.
Powell has also served on the boards of several charitable and educational groups. These include DC Prep, a public charter school, and The Nature Conservancy, which works to protect nature. He also helped start the Center City Consortium, a group of schools in poorer areas of Washington, D.C.
Powell is a registered member of the Republican Party. He is also a fan of the American rock band the Grateful Dead.
In 2026, Powell and the people of the Twin Cities of Minnesota received the John F. Kennedy Profile in Courage Award.
See also
In Spanish: Jerome Powell para niños
- 2020 stock market crash
- COVID-19 recession
- Financial market impact of the COVID-19 pandemic
