3 Little-Known Facts About Federal Reserve Chairman Jerome Powell
WHAT YOU SHOULD KNOW
- Powell’s background is a departure from the typical profile of a Fed Chairman.
- His appointment was met with strong support from both sides of the aisle.
- Before his appointment as Fed Chairman, Powell held a number of influential positions in the private sector.
As of Sunday, Fed Chairman Jerome Powell has officially completed five years at the helm of the Federal Reserve. During his tenure, Powell has overseen a period of incredible growth in the stock market, with the S&P 500, Nasdaq Composite, and Dow Industrial Average rising 56%, 72%, and 39% respectively. Despite facing some of the most volatile economic events in recent history, including the COVID-19 pandemic, Powell has remained steadfast in his leadership. Here are three lesser-known facts about this influential figure.
Powell’s background is a departure from the typical profile of a Fed Chairman. He graduated from Princeton University with a Bachelor’s Degree in politics, and later obtained a J.D. from Georgetown University. Despite criticism for not having formal economics education, Powell has consistently demonstrated his expertise through his role as the head of the central bank, responsible for the national monetary policy.
Powell’s appointment was met with strong support from both sides of the aisle. In fact, he received the most lopsided vote in recent history, with the Senate confirming his appointment with a vote of 84-13. This level of support is rare in the current political climate, but speaks to Powell’s credibility and integrity.
Before his appointment as Fed Chairman, Powell held a number of influential positions in the private sector. He was a partner at The Carlyle Group, where he founded and led the Industrial Group. After leaving Carlyle, he founded Severn Capital Partners, a private investment firm specializing in the industrial sector. In 2008, Powell joined Global Environment Fund as a managing partner, where he invested in sustainable energy companies.
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