Jerome Powell: biography
Jerome Hayden Powell (born 4 February 1953) is a registered Republican and member of the Fed’s board of governors. He has a bachelor’s degree in politics from Princeton University and a law degree from Georgetown University. After working briefly as a lawyer from 1981 to 1984, he switched to investment banking, working his way up to vice president at Dillon, Read & Co.
He was invited to work at the US treasury under George H. W. Bush in 1990, becoming the undersecretary of the United States department of the treasury in 1992. He is said to have made his fortune as a partner at private equity firm the Carlyle Group from 1997 to 2005: current estimates put his net worth between $20-112 million.
From 2010 to 2012, Powell was as a visiting scholar at the Bipartisan Policy Centre in Washington, where he helped gain bipartisan support in Congress to raise the debt ceiling. He took up his current position on the board of governors in 2012, and was confirmed for a second 14-year term in 2014. He was nominated for Fed chair by President Trump in late 2017 and took office in February 2018.