Jerome Powell

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Jerome H. Powell (2012)

Jerome Hayden "Jay" Powell (born February 4, 1953 in Washington, DC ) is an American lawyer and tax officer. He has been a member of the Federal Reserve Board of Governors since 2012 and, following his nomination on November 2, 2017 by US President Donald Trump , President of the Federal Reserve since February 5, 2018 .

Educational path

Powell was born to Patricia (Hayden) and Jerome Powell, a lawyer. His maternal grandfather, James J. Hayden, was the dean of the Columbus School of Law .

In 1971 Powell graduated from Georgetown Preparatory School. He received a Bachelor of Arts in Politics from Princeton University in 1975 . 1975-1976 he spent a year as an assistant to Senator Richard Schweiker (Pennsylvania), who tried unsuccessfully to become running mate of the then candidate Ronald Reagan .

Powell earned a Juris Doctorate degree from Georgetown University in 1979 .

Career

In 1979, Powell became an employee of Ellsworth Van Graafeiland, US Appeals Court judge for the Second Circuit, in New York City. From 1981 to 1983 he was an attorney at Davis Polk & Wardwell , from 1983 to 1984 he worked at Werbel & McMillen and from 1984 to 1990 at Dillon, Read & Co. , an investment bank, where he focused on finance, merchant Banking and mergers and acquisitions and was promoted to vice president.

Powell served in the United States Department of the Treasury from 1990 to 1993 when Nicholas F. Brady , a former chairman of Dillon, Read & Co. , was US Treasury Secretary.

In 1992, Powell was on nomination by President George Bush undersecretary of the Treasury for domestic finance ( Under Secretary of the Treasury for Domestic Finance ). During his tenure at the Treasury Department, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its dealers submitted false bids on US Treasury collateral. Powell was also involved in the negotiations that made Warren Buffett chairman of Salomon.

Since 1993 Powell has worked as a managing director for the Bank Bankers Trust , which got into trouble after several clients suffered losses due to derivatives ; Powell resigned. He then returned to Dillon, Read & Co. From 1997 to 2005, Powell was a partner at the Carlyle Group , where he founded and directed the Industrial Group within the Carlyle US Buyout Fund .

In 2005 Powell founded Severn Capital Partners , a private investment company. In 2008 Powell became Managing Partner of the Global Environment Fund, a private equity and venture capital firm that invests in renewable energies.

From 2010 to 2012, Powell was a visiting scholar at the Bipartisan Policy Center , a think tank in Washington DC, where he worked to persuade Congress to raise the US debt ceiling during the 2011 US debt crisis . Powell presented the impact of default or a delay in raising the debt ceiling on the economy and interest rates. He worked for $ 1 a year.

Federal Reserve Board of Governors

In December 2011 Powell and Jeremy C. Stein were appointed to the Federal Reserve Board of Governors by President Barack Obama . Powell's nomination was the first time since 1988 that a president has nominated an opposition party member for such a position. Powell took office on May 25, 2012 to fill the unexpired term of Frederic Mishkin , who had resigned. In January 2014 he was nominated for another term, and in June 2014 he was confirmed by the US Senate by 67 to 24 votes for a fourteen-year term (ending January 31, 2028). In 2013, Powell gave a speech on financial regulation and ended with " too big to fail ". In April 2017 he took over the supervision of these "systemically important" banks.

Chair of the Federal Reserve

In November 2017, US President Trump named Powell chairman of the Federal Reserve. In January 2018, Powell was elected 84-13 for the office by the United States Senate .

Since October 2018 at the latest, the US President has been attracting attention again and again for violently criticizing Powell in public. Powell immediately dismissed rumors of resignation.

Personal

In 1985 Powell and Ellissa married Leonard. They have three children and live in Chevy Chase Village , Maryland. In 2017 it was estimated that Powell would have a net worth of $ 19.7 million to $ 55 million.

Powell has served on the boards of directors of nonprofits and educational institutions including DC Prep, a public charter school, The Nature Conservancy, and Princeton University's Bendheim Center for Finance . He was also a founder of the Center City Consortium , a group of 16 parish schools in the poorest areas of Washington, DC Powell is a registered Republican .

For the 2008 presidential campaign of John McCain , he donated 30,800 US dollars.

Web links

Footnotes

  1. ↑ Why Powell is Welcome to Wall Street
  2. ^ Chairman of the Board of Governors of the Federal Reserve System , Board of Governors of the Federal Reserve System press release, February 5, 2018
  3. ↑ a b c Steven Greenhouse: BUSINESS PEOPLE; New Duties Familiar To Treasury Nominee . In: The New York Times . April 14, 1992, ISSN  0362-4331 ( nytimes.com [accessed October 1, 2019]).
  4. ^ Federal Reserve Board - Jerome H. Powell, Chair. Retrieved October 1, 2019 .
  5. ^ English United States Court of Appeals for the Second Circuit
  6. ^ A b Banker Joins Dillon, Read . In: The New York Times . February 17, 1995, ISSN  0362-4331 ( nytimes.com [accessed October 1, 2019]).
  7. ↑ Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury | The American Presidency Project. Retrieved October 1, 2019 .
  8. ^ Speech by Governor Powell on Treasury markets and the TMPG. Retrieved October 1, 2019 .
  9. ↑ Warren Buffett's Wild Ride at Salomon. Retrieved October 1, 2019 .
  10. ↑ a b Jerome Powell | Bipartisan Policy Center. Retrieved October 1, 2019 .
  11. ↑ a b GEF Adds to Investment Team. July 8, 2008, accessed October 1, 2019 .
  12. ↑ https://bipartisanpolicy.org
  13. ↑ Heather Long: Who is Jerome Powell, Trump's pick for the nation's most powerful economic position? In: Washington Post . November 2, 2017, ISSN  0190-8286 ( washingtonpost.com [accessed October 1, 2019]).
  14. ^ Binyamin Appelbaum: Stein and Powell to Be Nominated to the Fed . In: The New York Times . December 27, 2011, ISSN  0362-4331 ( nytimes.com [accessed October 1, 2019]).
  15. ↑ www.congress.gov: PN1350 - Jerome H. Powell - Federal Reserve System
  16. ^ Fed's Powell: Ending too big to fail to take years
  17. ↑ Lauren Gensler: Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity. Retrieved October 1, 2019 .
  18. ^ Sylvan Lane: Senate confirms Jerome Powell as Fed chairman. January 23, 2018, accessed October 1, 2019 .
  19. ↑ Michael C. Bender, Rebecca Ballhaus, Peter Nicholas and Alex Leary: Trump Steps Up Attacks on Fed Chairman Jerome Powell. Retrieved October 1, 2019 (American English).
  20. ↑ Jasper Jolly: Trump criticizes Fed chairman Powell for trying to be 'tough' . In: The Guardian . June 26, 2019, ISSN  0261-3077 ( theguardian.com [accessed October 1, 2019]).
  21. ↑ Bloomberg - Are you a robot? Retrieved October 1, 2019 .
personal data
SURNAME Powell, Jerome
ALTERNATIVE NAMES Powell, Jerome Hayden (full name); Powell, Jay (nickname)
BRIEF DESCRIPTION American lawyer and tax officer
DATE OF BIRTH 4th February 1953
PLACE OF BIRTH Washington, DC