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Jerome Powell
Jerome Hayden "Jay" Powell (born February 4, 1953) is the 16th chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Board of the Federal Reserve in 2012 by President Barack Obama, and subsequently nominated to be the chair of the Fed by President Donald Trump, and confirmed in each case by the United States Senate.As Fed chair, Powell has been seen as a consensus-builder and problem-solver, rather than as advocate of a strong point of view on monetary matters. He has kept in close contact with Capitol Hill for next steps.Powell won bipartisan praise for the actions taken by the Fed in early 2020 to combat the financial effects of the COVID-19 pandemic. As the Fed continued to apply high levels of monetary stimulus to further raise asset prices and support growth, some observers perceived a disconnect between asset prices and the economy. Powell has responded by arguing that supporting the Fed's dual mandate of stable prices and full employment outweighed concern over high asset prices and inequality.Time said the scale and manner of Powell's actions had "changed the Fed forever" and shared concerns that he had conditioned Wall Street to unsustainable levels of monetary stimulus to artificially support high asset prices. Politicians responded positively to his aggressive response to the crisis, with President Trump calling him the "most improved player" in his administration in August 2020 and Janet Yellen praising his "very thoughtful and methodical" approach.Powell earned a degree in politics from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979. He moved to investment banking in 1984, and worked for several financial institutions, including as a partner of The Carlyle Group. In 1992, Powell briefly served as Under Secretary of the Treasury for Domestic Finance under President George H. W. Bush. He was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012.
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