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 | |
| Assumed office February 5, 2018 |
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| President | Donald Trump Joe Biden Donald Trump |
| Deputy | Richard Clarida Lael Brainard Philip Jefferson |
| Preceded by | Janet Yellen |
| 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 |  |
Jerome Hayden "Jay" Powell (born February 4, 1953) is an American lawyer and former investment banker. Since 2018, he has been the 16th chair of the Federal Reserve. The Federal Reserve is like the central bank of the United States. It helps manage the country's money and economy. Powell is expected to continue in this important role at least until 2026.
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Jerome Powell's Early Life and School
Jerome Powell was born on February 4, 1953, in Washington, D.C.. He was one of six children. His parents were Patricia and Jerome Powell, who was a lawyer.
In 1971, Powell finished high school at Georgetown Preparatory School. It is a special school that helps students get ready for college.
He then went to Princeton University. In 1975, he earned a degree in political science. For a year, he worked for U.S. Senator Richard Schweiker.
Powell continued his education at Georgetown University Law Center. In 1979, he earned a law degree. While there, he was the main editor for the Georgetown Law Journal.
Jerome Powell's Career Journey
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In 1984, Powell started working in investment banking. This means he helped companies and people manage their money and investments. He worked for several financial companies, including The Carlyle Group.
In 1992, he worked for President George H. W. Bush. He was an under secretary for domestic finance. This role involved managing money matters within the U.S.
After leaving the Carlyle Group in 2005, Powell started his own investment company. From 2010 to 2012, he was a visiting scholar at a policy center. He then returned to public service.
In 2012, President Barack Obama chose him to be a member of the Federal Reserve Board of Governors. This board helps make decisions about the nation's money.
Later, President Donald Trump chose Powell to be the chairman of the Federal Reserve. He took over from Janet Yellen. President Joe Biden later chose him for a second term.
Powell became known for being good at bringing people together. He also helped solve problems during the Obama administration.
In 2022, the Federal Reserve took steps to help the economy during the COVID-19 pandemic. Powell received praise for these actions. The Federal Reserve worked to keep prices stable and ensure many people had jobs.
Some people worried that the Federal Reserve's actions made asset prices too high. Asset prices are the value of things like stocks and property. Powell argued that helping with stable prices and full employment was more important.
Time magazine said Powell's actions "changed the Fed forever." Bloomberg News called him "Wall Street's Head of State." This showed how much his decisions affected the financial world.
In 2022, President Biden nominated Powell for a second term as Federal Reserve Chair. The Senate approved his nomination with a large majority. He began his second term on May 12, 2022.
Jerome Powell's Family and Interests
Jerome Powell married Elissa Leonard in 1985. They have three children. They live in Chevy Chase Village, Maryland. Elissa is involved in managing their village.
In 2019, Powell's wealth was estimated to be between $20 million and $55 million.
Powell has also served on the boards of several charities and schools. These include DC Prep, a public charter school, and The Nature Conservancy. He also helped start the Center City Consortium. This group supports 16 schools in poorer areas of Washington, D.C.
Powell is a member of the Republican Party. He is also a big fan of the American rock band the Grateful Dead.
See also
In Spanish: Jerome Powell para niños
