5 Things You Might Not Know About Federal Reserve Chair Jerome Powell

Jerome Powell was sworn in on Feb. 5, 2018 as the 16th chairman of the Federal Reserve. In the role, Powell is tasked with steering America’s economy.

Here is a look at some things you might not know about Powell.

1. Education: He graduated with a bachelor’s degree from Princeton University in 1975 and a law degree from Georgetown University in 1979.

While at Georgetown, Powell was the editor-in-chief of the Georgetown Law Journal. When he was appointed as the Federal Reserve chair, Powell became the first one in more than 40 years without an advanced degree in economics. Prior Chairs Janet Yellen, Ben Bernanke and Alan Greenspan all had a doctorate in economics.

2. Federal Reserve History: Powell has served as a member of the Federal Reserve Board of Governors since May 25, 2012. Powell was nominated by President Barack Obama for the role and was approved. Powell’s term as a member of the Board of Governors runs until Jan. 31, 2028.

Related Link: Powell Says U.S. Economic Recovery "May Take Some Time To Gather Momentum"

3. Bipartisan Support: Powell was picked by President Donald Trump to take over the Fed chair role from Janet Yellen. The move was a bit surprising as the sitting chair is typically renominated if the economy is doing well.

Trump chose Republican Powell who had already been a member of the Board of Governors and had bipartisan support. Powell was approved with a vote of 84-13 by the U.S. Senate. A total of eight Democrats, four Republicans and one Independent voted against Powell, which was considered a sizable win.

4. Carlyle Group: Prior to joining the Federal Reserve Board of Governors, Powell was a partner at the Carlyle Group Inc CG, a leading private equity company.

Powell served at the company from 1997 to 2005 and was able to increase his wealth while there. Prior to his appointment as the Federal Reserve chair, Powell was worth an estimated $19.7 million to $55 million. Powell is the richest Federal Reserve chair since Marriner Eccles held the role from 1934 to 1948.

5. Hobbies: Powell is said to enjoy riding a bike and in the past, rode his bike eight miles from home to the Federal Reserve office. Powell also enjoys playing golf and guitar. Powell also has been known to repeat people’s sentences backward to them.

(Photo: Federal Reserve via Wikimedia Commons)