On Feb. 5, Jerome H. Powell took the oath of office as Chairman of the Board of Governors of the Federal Reserve System, succeeding Janet L. Yellen. The oath was administered by Vice Chairman Randal Quarles.
President Trump announced his intention to nominate Powell on Nov. 2, 2017, and the Senate confirmed him on Jan. 23 following a hearing by the Senate Committee on Banking, Housing and Urban Affairs. Prior to his confirmation, Powell served as a member of the Board of Governors. His term as Chairman is four years; his term as a member of the Board ends Jan. 31, 2028.
“As I begin my term, I want to stress my commitment to explaining what we’re doing and why we are doing it,” Powell said in prepared remarks. “Congress has assigned the Federal Reserve several important jobs. We are tasked with achieving stable prices and maximum employment. We also supervise financial institutions, including our largest banks. We play a key role in ensuring the stability of our financial system, and the integrity of our payment system.”
“Today, unemployment is low, the economy is growing, and inflation is low,” he added. “Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability. I am also pleased to report that our financial system is now far stronger and more resilient than it was before the Financial Crisis that began about a decade ago. We intend to keep it that way. My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks. We will also work hard to make sure that our regulation and supervision are efficient as well as effective.”
Prior to his appointment to the Federal Reserve Board, 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.
Powell served as an assistant secretary and as undersecretary of the Treasury for President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Prior to joining the administration, he worked as a lawyer and investment banker in New York City.
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 and The Nature Conservancy of Washington, D.C., and Maryland.
He was born in February 1953 in Washington, D.C. He received an AB in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.
Powell is married with three children.