President Trump nominated Jerome Powell to be the next chairman of the Federal Reserve in the Rose Garden Thursday afternoon.
Powell already sits on the Federal Reserve Board of Governors and is a visiting scholar at the Bipartisan Policy Center. Early in his career he worked as an attorney. Here are the details on his background, provided by the White House:
Federal Reserve Board of Governors
Governor Jay Powell has served as a member of the Board of Governors of the Federal Reserve System since 2012. He has built a reputation as an effective and well-respected policymaker who has the judgment and experience necessary to lead the Federal Reserve.
Governor Powell understands the importance of the Federal Reserve to the U.S. economy. He is committed to satisfying the Federal Reserve’s dual mandate of maximum employment and stable prices. He recognizes the importance of sound financial regulation to both preventing financial crises and fostering economic growth. Governor Powell is a strong defender of free enterprise and the independence of the Federal Reserve System.
Governor Powell received a J.D. from Georgetown University Law Center, where he was editor-in-chief of the Georgetown Law Journal. He holds a B.A. in politics from Princeton University. Governor Powell is an avid cyclist who often bikes to work each day. He is married with three children.
Governor Powell has experience leading at the Federal Reserve.
Governor Powell has served on the Board of Governors since 2012. He has chaired five of the Federal Reserve’s internal committees, giving him unique experience managing key operations and policy processes at the Federal Reserve. He has chaired the committees on Board Affairs; Federal Reserve Bank Affairs; Supervision and Regulation; Small, Regional and Community Banking; and Payments, Clearing, and Settlement. As a governor, he has also been a voting member on the Federal Open Market Committee (FOMC), which sets monetary policy.
This broad experience makes him well suited to lead the Federal Reserve System.
Governor Powell has decades of experience working in finance and financial markets.
Governor Powell has spent his career working in finance and financial markets both in the private sector and in government. At the age of 39, he served as the Under Secretary for Finance at the U.S. Treasury Department, where his work included addressing the Savings & Loan crisis, the failures of large financial institutions, and reforming Treasury auctions in the wake of the Salomon Brothers market manipulation scandal. For his service, he received the Alexander Hamilton Medal, the Treasury Department’s highest honor.
Governor Powell has more than 25 years of private sector experience, giving him valuable insights into not only the operation of financial markets, but also on the impact of government policies on the economy. His distinguished business career echoes the career of William McChesney Martin, the highly regarded and longest-serving Chair of the Federal Reserve (1951-1970), who was the President of the New York Stock Exchange prior to entering government.
Governor Powell also served as a Visiting Scholar at the Bipartisan Policy Center, where his research focused on financial policy issues, including a study of the Federal debt ceiling and a simulation and analysis of the resolution of a large, global financial institution.
Governor Powell has garnered support across party lines.
Governor Powell was confirmed by Senate with a vote of 74 to 21 in 2012 and re-confirmed with a vote of 67 to 24 in 2014. In 2012, his nomination was supported by 48 Democrats, 25 Republicans, and 1 Independent, while in 2014 his re-nomination was supported by 49 Democrats, 17 Republicans, and 1 Independent. This bipartisan support demonstrates the Governor Powell is a well-qualified nominee.
If confirmed by the Senate, Powell will replace current Chairwoman Janet Yellen. Yellen was nominated by President Obama in 2014. Her term ends in early 2018.