Who is Jerome Powell? The man Trump keeps trying to fire holds the fates of US economy and stock market in his grasp


trump jerome powell

Age: 66

Family: Powell is married with three children: Lucy, Susie, and Sam Powell.

Where is he from: He was born in Washington, DC, and spent most of his career between the capital and New York City.

Career: Partner at Carlyle Group, Visiting Scholar at the Bipartisan Policy Center, Assistant Secretary and Undersecretary of the Treasure for President George H.W. Bush

Education: AB in Politics from Princeton University, Law Degree from Georgetown University

How did Powell get to where he is now?

President Trump strayed from norm when he nominated Jerome Powell to run the Federal Reserve in November as he overlooked Janet Yellen, the current chairwoman at the time, for a second term.

Powell has been a member of the Fed’s board of governors since May 2012, when President Barack Obama nominated him to fill an unexpired term. He was reappointed in 2014 to complete a 14-year term ending in 2028.

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Before joining the Fed, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, DC, a think-tank that promotes collaborative work between Democrats and Republicans.

He also spent eight years at the Carlyle Group, a private-equity firm with more than $200 billion in assets under managements. Much of Powell’s $112 million net worth comes from his time at Carlyle.

Powell vs. Trump

Powell officially took over the Fed in February 2018 to serve a four-year term.

Over the last several months, Powell has had to grapple with not only concerns of a slowing global economy, but political pressure from President Trump to cut interest rates. The President has repeatedly claimed he has the power to fire Powell, if he should choose to.

Trump has complained over the Fed’s hesitation to raise interest rates in the face low inflation. Powell appeared before congress earlier this week to talk about the state of US monetary policy.

Read more: Trump’s top economic advisor just applauded Alexandria Ocasio-Cortez for her questions about low unemployment to Fed Chair Jerome Powell

When asked during the testimony what he would do if President Trump called him and said he was fired, his response was: “My answer would be no.”

“What I’ve said is that the law clearly gives me a four-year term and I intend to serve it,” Powell said when asked by …read more


Source:: Business Insider

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