Jerome H. Powell

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Jerome H. Powell
Federal Reserve Governor
Incumbent
Assumed office
May 25, 2012
President Barack Obama

Jerome H. "Jay" Powell[1] (born February 1953) is a governor of the Federal Reserve. He took office on May 25, 2012, to fill an unexpired term ending January 31, 2014.[2]

Personal background[edit]

Jerome H. Powell was born in February 1953 in Washington, D.C. He graduated from the Georgetown Preparatory School in 1971, received an A.B. in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979.[3] While at Georgetown, he was editor-in-chief of the Georgetown Law Journal. He is married with three children.[4]

Professional background[edit]

Prior to his appointment to the Board of Governors, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, he was a partner at the Carlyle Group.[3]

Powell served as an assistant secretary and as undersecretary of the Treasury under President George H. W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Nicholas F. Brady, a former Dillon, Read & Co. colleague, was the then sitting Secretary of the Treasury. Prior to joining the Bush administration, he worked as a lawyer and investment banker in New York City. In 1985, Powell was an Associate at Dillion Read and at the time of his Senate confirmation in September 1990 he was a Senior Vice Preisent of the firm.[3]

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[5] and The Nature Conservancy of Washington, D.C., and Maryland.

Tenure[edit]

Powell was nominated to the Federal Reserve Board of Governors by President Obama in combination with Jeremy C. Stein in order to help garner bipartisan support for both nominees. Stein's nomination had previously been filibustered.[6] Powell was nominated for another term in January 2014, along with Stanley Fischer and Lael Brainard.[2]

References[edit]

  1. ^ Mui, Ylan (12 March 2014). "What you need to know about the Federal Reserve’s new cast members". Washington Post. Retrieved 12 March 2014. 
  2. ^ a b Puzzanghera, Jim (10 January 2014). "Obama to nominate Stanley Fischer, 2 others to Federal Reserve seats". LA Times. Retrieved 10 January 2014. 
  3. ^ a b c "Jerome H. Powell J.D.". Bloomberg Businessweek. Retrieved 11 January 2014. 
  4. ^ "Board Members - Jerome H. Powell". Board of Governors of the Federal Reserve System. Retrieved 11 January 2014. 
  5. ^ "ELISSA LEONARD WED TO JEROME H. POWELL". New York Times. September 15, 1985. Retrieved 11 January 2014. 
  6. ^ Zumbrun, Joshua (29 October 2013). "Obama Said to Choose Powell for Another Fed Governor Term". Bloomberg. Retrieved 23 November 2013.