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Who Is Jerome Powell?

Jerome Powell is the Feder﷽al Reserve Board (FRB) chair

By 澳洲幸运5官方开奖结果体彩网:Mark Kolakowski

Updated May 04, 2025

Reviewed by

Somer Anderson

Fact checked by

Vikki Velasquez

Federal Reserve Chair Jerome Powell Announces Fed Decision On Interest Rates — Federal Reserve Chair Jerome Powell. Samuel Corum / Getty Images

Jerome H. Powell has been a member of the Board of Governors of the Federal Reserve Systꦛem ꦡ(FRB) since May 25, 2012, appointed by then-President Barack Obama to fill an unexpired term. He was reappointed by Obama and sworn in on June 16, 2014, for a term that expires on Jan. 31, 2028.

Powell took office as Fed chair on Feb. 5, 2018, after being nominated for that post by then-President Donald Trump and confirmed by the U.S. Senate. His four-year term as Fed chair expired on Feb. 5, 2022, but he was renominated by former President Joe Biden in November 2021 and was sworn in again in May 2022 for his second term.

Key Takeaways

Jerome Powell has served on the Federal Reserve Board (FRB) since May 25, 2012.
He has been Fed chair since Feb. 5, 2018, and was approved for a second term in May 2022 under President Biden.
Powell's term as a member of the FRB runs until Jan. 31, 2028.
Powell has an extensive background in economics and finance, working at different organizations and companies in that field, such as The Carlyle Group.

Early Life and Education

Jerome Hayden Powell, nicknamed “Jay,” was born on Feb. 4, 1953, in Washington, D.C. His father was an attorney, and his mother was a mathematician.

Powell received an A.B. in politics from Princeton University in 1975 and earned a law degree (J.D.) from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.

Notable Accomplishments

The U.S. Senate confirmed Powell to his present post as Fed chair on the basis of strong bipartisan votes. On Dec. 5, 2017, the Senate Banking Committee voted 22-1 in his favor, the only dissenting vote coming from Sen. Elizabeth Warren (D-Mass.). On Jan. 23, 2018, the Senate approved his nomination by a vote of 84-13.

Prior to joining the FRB, from 2010 to 2012, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, where he focused on federal and state fisಞcal issues.

From 1997 through 2005, he was a partner at The Carlyle Group, a leading 澳洲幸运5官方开奖结果体彩网:private equity and asset management firm.

Important

The primary tools for managing monetary policy used by the Fed are interest on reserve balances, 澳洲幸运5官方开奖结果体彩网:open market operations, the discount window rate, and overnight reverse repurchase agreements.

From 1990 to 1993, Powell served as an assistant secretary and undersecretary of the U.S. Department of the Treasury under then-President George H.W. Bush, responsible for policy on financial institutions, the Treasury debt market, and related areas.

From 1984 to 1990, Powell worked as a lawyer and investment banker in New York City at Dillon, Read & Co.

In addition to service on corporate boards, Powell has served on the boards of charitable and educational institutions, including the Bendheim Center for Finance at Princeton University and the Nature Conservancy of Washington, D.C., and Maryland.

Personal Life

Powell has been married since 1985 and is the father of three children. He is an avid cyclist who sometimes rides his bike to work at the Fed. He is the first Fed chair in more than 40 years who did not hold a Ph.D. in economics. The last was G. William Miller, who was Fed chair under then-President Jimmy Carter from 1978 to 1979 and held degrees in marine engineering and law.

How Powerful Is the Chair of the Federal Reserve?

The Chair of the Federal Reserve votes just like any other board member and doesn't have control over the board, but they manage the Federal Reserve's day-to-day operations. The Chair reports to Congress and is the public face of the Board of Governors, which gives people the perception that it is a politically powerful position.

How Much Does the Chairman of the Federal Reserve Get Paid?

In 2025, the Chair of the Federal Reserve is an Executive Schedule Level I position, making their salary $250,600.

Can the President Replace the Fed Chair?

According to the Federal Reserve Act, a board member can be removed "for cause" by the president, but the act does not state whether the president or Congress can remove a board member from the position of Chair and remain a board member. The Chair would likely need to be removed from the board to be replaced.

The Bottom Line

In 2025, Jerome Powell is the Chair of the Board of Governors of the Federal Reserve. He has decades of experience in the 🐻financial industry and in government positions, and has serveꦕd on the Board since 2012.

Article Sources

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