Fed Chairman Jerome Powell Celebrates 5 Year Anniversary: 5 Things You Might Not Know About Him

Jerome Powell marked his five-year anniversary as the chairman of the Federal Reserve on Sunday. During his tenure, which began on Feb. 5, 2018, the S&P 500 has gained 56%, the Nasdaq Composite has risen 72%, and the Dow Industrial Average is up 39%.

Powell is the Fed's 16th chairman and has led the Fed during times of inflation and also during the COVID-19 pandemic. He has led the central bank through some of the most volatile economic events in recent history, including the COVID-19 pandemic.

The Federal Reserve oversees the national monetary policy and, as its leader, Powell testifies before the U.S. Senate twice a year.

Here are five things you might not know about Powell.

1. No Economics Degree: Powell graduated from Princeton University in 1975 with a Bachelor’s Degree in politics. Powell received a J.D. from Georgetown University in 1979. One item of criticism Powell has faced as chairman is having no formal economics education.

2. Strong Bipartisan Support For Fed Chair: Powell was confirmed by the Senate Committee on Banking, Housing and Urban Affairs with a vote of 22 to 1. Sen. Elizabeth Warren was the lone vote against Powell’s nomination. He was voted in by the U.S. Senate with a vote of 84-13 for the position of Fed Chairman. This marked the most lopsided vote for Fed Chairman in recent history, according to Reuters.

Janet Yellen was voted in previously in 2013 with a vote of 52-26. Ben Bernake received a vote of 70-30 prior to Yellen.

Also Read: Larry Summers Says Soft Landing 'Looks More Possible': Unemployment Vs. Inflation

3. Former Partner At Carlyle Group: Powell was a partner at The Carlyle Group CG from 1997 to 2005. While at Carlyle, he founded and led the Industrial Group as part of the Carlyle U.S. Buyout Fund. Powell left Carlyle and founded Severn Capital Partners, a private investment firm specializing in the industrial sector.

In 2008, Powell worked as a managing partner of the private equity and venture capital firm Global Environment Fund, which invested in sustainable energy companies.

4. Wealthiest Fed Chairman Since The 1940s: As a managing partner in the private equity sector, Powell generated a strong net worth. When he was nominated in 2017, it was reported that he would become the richest Fed Chairman since the 1940s, when Marriner Eccles was Chair. Powell had an estimated net worth of $19.7 million to $55 million at the time of his nomination for Fed Chairman.

5. No Plans To Ban Cryptocurrencies: One popular topic for the Federal Reserve in recent years has been the potential for oversight of cryptocurrencies. In December 2021, Powell said the U.S. had no plans to ban cryptocurrencies like Bitcoin BTC/USD.

The comments came as countries including China have tightened policies on Bitcoin. Powell has said that stablecoins need greater regulatory scrutiny and suggested regulating them similar to bank deposits and money market funds.

Also Read: Cathie Wood Says Won't Be Surprised At Fed's Rate Cuts This Year: 'Bigger Risk Is Deflation…Also A Very Big Opportunity'

This article was originally published in January 2022 and has been updated.

Photo: Courtesy of Federal Reserve