Powell, Jerome Hayden (1953-…), is an American lawyer and investment banker. On Feb. 5, 2018, Powell took office as chairman of the Board of Governors of the Federal Reserve System. Often called the Fed, this system is an independent agency of the United States government. The Fed is the central banking system of the United States. As such, the Fed oversees the financial system and conducts the nation’s monetary policy. Monetary policy involves altering the money supply to influence economic activity and the overall health of the economy. President Donald J. Trump appointed Powell to succeed Janet L. Yellen. Trump’s successor, Joe Biden, reappointed Powell to a second four-year term, which began in 2022.
Powell first joined as a member of the Fed’s Board of Governors in 2012. In his current role, he also serves as chairman of the Federal Open Market Committee, the principal monetary policymaking body of the Fed.
Jerome Hayden Powell was born on Feb. 4, 1953, in Washington, D.C. He graduated from Princeton University in New Jersey in 1975. He graduated from law school at Georgetown University in Washington, D.C., in 1979. In the early 1990’s, Powell served as an assistant secretary and as undersecretary of the Treasury under President George H. W. Bush.
