Jerome Powell is an American economist and central banker who served as the 16th Chair of the Federal Reserve, the central bank of the United States, across two terms, from February 5, 2018 to May 15, 2026.
Born on February 4, 1953, in Washington, D.C., Powell earned a Bachelor of Arts in Politics from Princeton University and later obtained a Juris Doctor degree from Georgetown University Law Center.
Before becoming the Chair of the Federal Reserve, Powell held various positions in both the private and public sectors. He worked as an investment banker at Dillon, Read & Co., as a partner at the private equity firm The Carlyle Group, and as a visiting scholar at the Bipartisan Policy Center.
In the public sector, Powell served as an undersecretary at the Treasury Department during the administration of President George H.W. Bush.
Powell’s tenure at the Federal Reserve began in 2012 when he was appointed as a member of the Board of Governors.
In 2017, President Donald Trump nominated Powell to succeed Janet Yellen as the Chair of the Federal Reserve, and he was confirmed by the Senate in January 2018.
As Chair, Powell oversaw the formulation and implementation of U.S. monetary policy, with the objectives of maintaining price stability, promoting maximum employment, and ensuring the stability of the financial system.
He was sworn in for a second term on May 23, 2022. He spent much of his second term dealing with the challenges introduced by the Covid-19 pandemic, which included supply disruptions and rising inflation.
Jerome Powell was replaced by Kevin Warsh on May 22, 2026.
Jerome Powell still remains on the Federal Reserve Board of Governors after stepping down as chair, where he will finish his governor term in 2028.
As a member of the Fed’s board, Powell will retain voting rights with the committee, allowing him to vote on interest rates.